Strategy Watch #6 reveals June’s risk-off market trends as $28B exits crypto

June 2026 was, to put it diplomatically, not a great month for anyone with a directional bet in crypto. Glassnode’s Strategy Watch #6, published on July 23, paints a picture of institutional investors collectively heading for the exits, with net capital outflows hitting $16.3B for Bitcoin, $5.8B for Ethereum, and $5.7B in stablecoin contraction. That’s roughly $28B walking out the door across all major asset categories. Here’s the thing: this wasn’t capital rotating from one crypto asset to another. This was money leaving the building entirely. The great divergence: directional pain, market-neutral calm The report draws on data from over 400 asset managers, and the takeaway is clean. Directional fund strategies, the ones that essentially bet on prices going up or down, recorded broad losses across the board. Fundamental strategies got hit particularly hard. Market-neutral strategies, on the other hand, told a completely different story. These sub-strategies, which aim to profit regardless of market direction by exploiting spreads and relative value, on average generated gains during June. ETF outflows paint a stark picture US spot ETFs saw net outflows of 69,200 BTC and 292,900 ETH...