Bitcoin's performance in June 2025 offered a revealing snapshot of the asset’s growing maturity and its volatility. After pushing to a record-breaking $112,000 in late May, BTC faced volatile swings, testing the critical $100K threshold twice amid geopolitical tension and macro uncertainty. Despite sharp intraday moves, the market's reactions were relatively measured—highlighting both the resilience of Bitcoin and the growing role of institutional participants. Meanwhile, deeper structural trends in mining and network activity emerged, with hashrate volatility, seasonal curtailments, and dwindling transaction fees shaping the broader mining economics. This month’s developments shed light on how Bitcoin is adapting to a post-halving landscape marked by high prices but mixed fundamentals.
Bitcoin Testing $100K Twice
After hitting a new all-time high of approximately $112,000 on May 22, Bitcoin experienced a 10% pullback, briefly falling below the $100,000 level on June 5. But the dip was short-lived within just a couple of trading days, BTC bounced back nearly $10,000, reaching as high as $110,600 before beginning another slide.
The downturn accelerated as geopolitical tensions flared between Israel and Iran. When reports emerged that the U.S. had launched a surprise strike on Iranian nuclear facilities, Bitcoin plunged again, slipping below $100,000. As the only major asset that trades around the clock, BTC absorbed the shock in real time, dropping as much as 6% to hit $98,000 on Sunday, June 22.
Given the scale of the news and Bitcoin’s typical sensitivity to global risk events, the decline was relatively contained. Panic sellers stepped in, market makers adjusted, and by early Monday, BTC had already reclaimed the $100K mark.
For the month of June, Bitcoin opened at around $105,000 and closed at $107,200, marking a 2.1% monthly change.
BTC testing $100,000 successfully twice in june (Source: TradingView).
US spot Bitcoin ETFs Cosses $1 trillion Cumulative Trading Volume
On June 11, U.S. spot Bitcoin exchange-traded funds (ETFs) surpassed $1 trillion in cumulative trading volume, just under 18 months after their debut in January 2024. While this figure simply reflects total trading activity over time, it marks a significant milestone in the mainstream adoption of Bitcoin through traditional financial products. The milestone puts Bitcoin ETFs in the same league as some of the world’s most actively traded and established funds, such as the Vanguard S&P 500 ETF (VOO) and the Invesco QQQ Trust (QQQ), which tracks the Nasdaq-100 Index. Among the various offerings, BlackRock’s iShares Bitcoin Trust (IBIT) has emerged as the dominant player. IBIT has expanded its market share from around 22% at launch to over 80%, leading the pack in terms of daily and cumulative trading volume. This growth highlights both institutional interest in Bitcoin exposure and the growing investor confidence in regulated digital asset products.
Cumulative spot Bitcoin ETF volume crossing $1 trillion (Source: The Block.)
Corporate Bitcoin Treasuries Accelerates
The trend of corporate Bitcoin adoption is accelerating rapidly. According to BitcoinTreasuries.net, publicly listed companies now hold 848,870 BTC, just over 4% of the total Bitcoin supply that will ever exist.
In just the past two months, public companies have doubled their Bitcoin holdings, outpacing even the aggressive accumulation led by Michael Saylor’s Strategy. Many of these firms are new entrants, with average purchase prices exceeding $90,000, significantly higher than Strategy’s $70,023 average.
New adopters like Canada’s SolarBank and France’s Blockchain Group highlight how interest is spreading across both industries and geographies. While the report tracks 61 public firms, the actual number of corporate holders is likely more than double, pointing to a broader shift in how companies manage their treasuries.
This isn’t just about treasury management, it’s a clear signal that Bitcoin is increasingly viewed as a strategic macro asset.
Publicly listed companies now hold 834,779 BTC (Source: Bitcointreasuries.net).
Network Hashrate Volatility
Bitcoin’s network hashrate has been highly volatile in 2025, marked by sharp swings and a series of record highs. After peaking at 929 EH/s in early April, the hashrate dropped 12% to a monthly low of 817 EH/s—the steepest decline of the year and only the third time in Bitcoin’s history that it fell by more than 100 EH/s.
A swift recovery followed. By May 7, the hashrate had rebounded to a new all-time high of 935 EH/s, dipped briefly, and then climbed again to 947 EH/s on May 30. This rollercoaster trend continued into June. On June 13, the network hit yet another record at 950 EH/s, only to plunge to 803 EH/s days later—a 147 EH/s (15.5%) drop, even steeper than April’s correction.
Hashrate volatility likely reflects deeper structural changes in the mining landscape. Since the halving, tighter economics have pushed less profitable miners offline. Older machines are being retired, while newer, more efficient models are gradually coming online. At the same time, some hashrate is relocating in response to rising energy costs or regulatory pressure. Increasingly, miners are also shifting their operational strategies—prioritizing profitability over constant uptime, and adjusting output based on real-time market conditions.
Throughout 2025, each pullback has bottomed out at progressively higher levels, hinting at growing baseline network strength. However, this pattern was broken during the last week of June.
June began at 927 EH/s and ended at 879 EH/s, marking a -5.2% change for the month. With summer temperatures rising across the U.S., it remains to be seen whether hashrate will continue setting new records in July and August or if we’ll see the usual seasonal slowdown.
Hashrate volatility in full effect (Source: Lincoin Lens).
Hashrate Seasonality
Around 36% of global Bitcoin mining takes place in the United States—and by most estimates, about half of that happens in Texas. The Lone Star State has become a major mining hub thanks to its competitive electricity prices, abundant renewable energy, and deregulated power market.
In recent years, a clear seasonal pattern has emerged in Bitcoin’s network hashrate. During the hot summer months in the U.S.—especially in Texas—hashrate growth tends to stall or even decline. The reason? Mining companies operating in the ERCOT region often curtail their operations during periods of extreme temperatures and high electricity demand.
Curtailment refers to temporarily powering down mining machines, either to protect infrastructure or to support the grid. Some miners curtail purely out of self-preservation, avoiding damage to ASICs or overloading cooling systems when ambient temperatures soar. Others curtail strategically as part of demand response programs.
Demand response is a strategy where miners adjust their electricity consumption based on signals from the grid operator or utility. The goal is to help balance supply and demand, reduce stress on the grid, and promote more efficient energy use. In return, miners are often rewarded for reducing their power usage during peak periods. This turns their operational flexibility into both a source of revenue and a valuable tool for grid stability.
These curtailment events don’t just show up in ERCOT load charts—they’re reflected in the Bitcoin network itself. When Texas miners power down, global hashrate growth takes a noticeable break.
At GoMining, we continue to track these seasonal patterns closely and adapt our infrastructure strategies accordingly, seeking long-term uptime, global diversification, and cost efficiency.
Seasonal slowdown of hashrate during periods of extreme temperatures (Source: Lincoin Lens).
Difficulty Double Dips
In June, Bitcoin’s mining difficulty adjusted downward in two consecutive epochs—first by a modest -0.45%, followed by a more significant -7.48% drop. The last time we saw back-to-back downward adjustments like this was during the summer of 2024, reflecting similar seasonal stress on miners. On June 29th the network experienced the biggest difficulty drop since the China mining ban. North American miners curtailed operations due to extreme summer heat, causing hashrate to drop by 147 EH/s. Bitcoin’s difficulty adjusted downward by -7.48%, the steepest decline since July 2021.
Difficulty fell from an all-time high of 126.98 T at the start of the month to 116.96 T by the end, marking a noticeable easing of mining conditions. This shift highlights how changes in network hashrate feed directly into the difficulty algorithm.
Looking at the broader picture, the month-over-month difficulty change in the first half of 2025 stands at 1.09%, compared to a 4.48% average MoM increase in 2024.
Month over month difficulty increase is slowing down in 2025 (Source: Digital Mining Solutions).
Bitcoin Activity Slows Dramatically
Although Bitcoin saw a brief spike in transaction fees in mid-May, overall on-chain activity has fallen to levels not seen since October 2023. According to data from The Block, the seven-day moving average of transactions dropped to approximately 315,000 on June 7. On June 1 alone, just 256,000 transactions were confirmed—the lowest daily total since October 2023, when the average dipped to 269,000. This decline in usage comes despite Bitcoin’s price holding firm above the $100,000 mark, suggesting that market excitement isn't translating into higher base-layer demand.
This trend has implications for miner economics. One of the foundational assumptions of Bitcoin’s long-term design is that transaction fees will eventually replace the block subsidy as the primary incentive for miners. With each halving, the subsidy is reduced by 50%, making fees increasingly important to sustain mining operations. But in 2025, that theory isn’t holding up—at least not yet.
Apart from a brief uptick in mid-May, transaction fees have remained unusually low. In June, fees did not manage to exceed 1% of the total block reward. On most days, fees contributed a negligible fraction, falling far short of offsetting the reduced subsidy post-halving.
In contrast to the high-fee environment of 2023 and early 2024—driven by the rise of Ordinals, Runes, and BTC staking via the Babylon protocol—fees in 2025 have consistently underwhelmed. In 2024 the transaction fees surpassed the block subsidy of 3.125 BTC on several occasions. So far, 2025 hasn’t been the year that fees are nearing Bitcoin’s security budget. For that to change, the network needs a resurgence in on-chain demand—whether from institutional adoption, new base-layer applications, or another wave of retail-driven speculative mania like the Ordinal inscriptions or the Rune Protocol.
Transaction fees make up less than 1% of the total rewards throughout June (Source: Lincoin Lens).
Hashprice Tightly Correlated to Bitcoin’s Price
Hashprice—the daily revenue a Bitcoin miner earns per petahash per second (PH/s)—is primarily determined by four factors: the block subsidy, transaction fees, network difficulty and the price of Bitcoin. In the current environment, where fees contribute less than 1% of the total block reward, hashprice is almost entirely driven by the BTC price.
After a strong start to May, hashprice began to decline in tandem with Bitcoin’s pullback from recent highs. Despite the drop, it managed to stay above the $50/PH/day level. With Bitcoin holding strong and the last downward difficulty adjustment hashprice ended the month at a positive note reaching $58/PH/day mark, up 11.5% on the month.
In a low-fee environment, changes in BTC/USD translate almost directly into changes in miner revenue. Without significant fee income hashprice moves in near lockstep with Bitcoin’s price. While difficulty adjustments—which occur approximately every two weeks—also affect hashprice, their impact tends to be slower and less dramatic compared to the day-to-day swings in BTC unless the adjustments are to the extreme end like the one on the 29th of June.
For allocators seeking structured access to this evolving revenue stream, the GoMining Alpha Blocks Fund provides professionally managed exposure to hashrate economics without operational complexity.
Hashprice correlation with BTC price remains high as transaction fees are low (Source: Lincoin Lens)
Conclusion: Beyond the Price, Bitcoin’s Structural Shifts
June’s market action underscored the increasingly complex dynamics of the Bitcoin ecosystem. Price volatility grabbed headlines, but behind the scenes, structural forces like corporate adoption, ETF demand and seasonal miner behaviour told a deeper story. As summer unfolds, all eyes will be on whether hashrate rebounds or retreats, whether fee pressure builds, and whether institutional demand continues to grow. In this evolving environment, Bitcoin is no longer just about price, it’s about resilience, infrastructure, and long-term positioning. From the energy and compute layer powering mining to the custody and compliance rails enabling institutional entry, structural forces are becoming the dominant narrative.”
Nico Smid – Research Analyst, GoMining Institutional.
July 1, 2025
