Cryptocurrency Markets: June Crypto Monthly: Worst Performing Month YTD Amid ~20% Drawdown as 2026 Off to Poorest Start to Calendar Year Since 2022

Research evidence excerpt

Cryptocurrency Markets: June Crypto Monthly: Worst Performing Month YTD Amid ~20% Drawdown as 2026 Off to Poorest Start to Calendar Year Since 2022

Kenneth B. Worthington, CFA AC North America Equity Research

(1-212) 622-6613 14 July 2026 J P M O R G A N

kenneth.b.worthington@jpmorgan.com

• Total crypto market cap contracts ~20% in June to $2.0tr. The cryptoecosystem’s

total crypto market cap shed 18% of value in June, ending the month at $2.02tr with the

average market cap falling 17% MoM. This monthly decline marked the worst aggregate

monthly performance since February 2025. The total market cap is now tracking 31%

lower YTD. Bitcoin’s market cap ($1.17tr) fell 20% MoM, while Ether’s cap ($189bn)

fell by ~21% MoM. The major altcoins we track posted double-digit negative returns in

June while stablecoins’ market caps also contracted in June for the second consecutive

month. DeFi’s aggregated market cap outperformed the broader ecosystem, down just

10% MoM. Regardless of token, crypto significantly underperformed the traditional

equity markets in June with the S&P 500 shedding just 1% MoM and Nasdaq-100 flat

MoM. Gold performed more similarly to crypto, falling 12% MoM, yet still

outperforming digital gold (i.e Bitcoin).

• Trading volumes rise in June, breaking a 3mo decline-streak. Despite the decline in

market capitalization, we observed industry volumes rebounding in June, after troughing

in May following three consecutive months of volume declines. Total cryptoecosystem

activity levels and trading volumes were higher by double digits in June. CoinDesk Data

illustrated total spot crypto ADV increasing 18% MoM, supported by spot Bitcoin and

ether ADV, which were up 31% and 21%, respectively, MoM. Stablecoins’ aggregated