Total cryptocurrency market cap fell 8% in June, with stablecoins outperforming other sectors.

JPMorgan Chase said in a research note on Monday that the total cryptocurrency market cap fell 8% in June to around $2.25 trillion, recouping most of its gains in May.

"Markets for tokens, DeFi and NFTs all retreated in June," analyst Kenneth Worthington wrote. Data showed that daily spot crypto trading volume fell 18% from the previous month, "March 2024 was the peak of the crypto ecosystem in the current cycle from a valuation and volume perspective."

The bank noted that this trend was in stark contrast to traditional markets, with the S&P 500 up 4% and the tech-heavy Nasdaq up 6% that month.

However, the report added that stablecoins outperformed other crypto sectors in June, mainly driven by USDT. In addition, the total market value of listed Bitcoin mining companies also increased by 19%, and these companies benefited from gains from "power use cases related to artificial intelligence."

JPMorgan also said that spot Bitcoin ETFs had their second-worst month in terms of flows since launch, and estimated that 10 U.S. spot ETFs had $662 million in sales for the month.