The current outlook for the cryptocurrency market has been downgraded from mildly bullish to uncertain, SFOX’s latest volatility report concluded on June 6.

While the report acknowledged that crypto prices recovered substantially last month, the authors described overall sentiment is at a tipping point — and warned it was unclear how much of the growth is due to FOMO (fear of missing out).

SFOX echoed recent comments made by Digital Currency Group founder, Barry Silbert, and said bitcoin’s (BTC) rally on Monday, May 13 may have been linked to developments in the trade war between the United States and China.

According to its report, last month’s Binance hack, which saw cyber-thieves steal 7,000 BTC, appears to have little impact on bitcoin price. However, the sale of 5,000 BTC for $6,200 apiece on Bitstamp — well below market rates — may have been the cause of a “flash crash” on May 17. SFOX notes:

“That the Binance hack didn’t crash BTC’s price demonstrates that the crypto market’s infrastructure has matured since the days of major hacks such as Mt. Gox — but the Bitstamp order shows that the market still has a way to go in terms of a single exchange’s outsized impact on the asset class.”

Overall, BTC price increased by 57% over the course of May — and the five other crypto assets tracked by SFOX, including ether (ETH) and litecoin (LTC), also ended the month in green territory.

SFOX adds that conferences, further trading developments and the expirations of bitcoin futures may “potentially impact volatility more than usual” for the rest of June.