The crypto markets could be set for a “relief rally” after a market rollercoaster in June, with some analysts suggesting selling pressure on exchanges has tapered off.

“Looking at July’s outlook, there is major reason to be optimistic after so much small trader capitulation,” crypto intelligence platform Santiment posted to X on July 2.

It added negative market sentiment and trader losses mean “a relief rally may just be beginning.”

Bitcoin (BTC) fell almost 7% over June, bottoming out at $59,500 during the month, according to Cointelegraph Markets Pro.

Many other cryptocurrencies followed, as the crypto market capitalization shaved off around $400 billion between its $2.5 trillion peak and its low last month, per TradingView.

Analyst and CryptoQuant verified author Minkyu Woo had a similar reason to be optimistic, noting in a July 1 post that sellers “are finally exhausted.”

He found the average size of the top Tether (USDT) outflows from exchanges since January last year saw a “decrease in outflows after a strong surge,” with the latest surge in June indicating that “large-scale selling pressure on exchanges is diminishing.”

“This reduction in outflows suggests that investors are more inclined to hold their assets rather than withdrawing cash from the market.”

“This could imply that investor sentiment has turned more positive following the Bitcoin halving event,” Woo added.

Related: Bitcoin price gets ‘interesting’ as triple candle close sees $61.5K return

BTC is currently trading for around $62,950, down 0.4% over 24 hours.

Some headwinds for Bitcoin and the crypto market this month include the $9 billion worth of BTC unlocked by long-bankrupt exchange Mt. Gox, which could lead to selling pressure as creditors seek to cash out their crypto that’s been locked up for a decade.

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