Bitcoin slips below $60,000 as ETF outflows and middle east tensions weigh. Here is what experts say

Bitcoin slipped below the $60,000 mark on Monday as ETF outflows and Middle East tensions weighed on market sentiment. The cryptocurrency was trading at $59,915 mark.

In the past 24 hours, Bitcoin slipped 0.3% whereas Ethereum gained 0.4% to trade at $1,577 mark. Among the major altcoins, BNB, Dogecoin and Cardano fell less than 1% whereas XRP, Solana, Tron, and Hyperliquid gained up to 2%.

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Akshat Siddhant, Lead quant analyst, Mudrex said Bitcoin is on track to end June down nearly 19%, marking its weakest monthly performance since mid-2022. Spot Bitcoin ETFs have also recorded more than $4 billion in net outflows this month, the largest monthly withdrawal since their launch.

From a technical standpoint, a large cluster of short positions sits above the current price, making $60,000 a crucial breakout level, Siddhant further said.

The global crypto market capitalisation edged down 0.2% to $2.06 trillion, according to CoinMarketCap. Nearly 50K BTC have reportedly been moved to exchanges at a loss in the past one day, while the short-term holder market cap fell to $237.7B, lowest since October 2024, said CoinDCX Research Team.

In the past week, Bitcoin and Ethereum were down 6% and 9% respectively. Among the major altcoins, BNB, XRP, Solana, Tron, Hyperliquid, Dogecoin, and Cardano fell up to 12%.

Vikram Subburaj, CEO, Giottus said the cryptocurrency has now extended its sharp decline from above $73,000 at the start of June and the fall was mainly driven by continued selling through U.S. spot Bitcoin ETFs.

Investors also remained cautious as expectations grew that the U.S. Federal Reserve could keep interest rates higher for longer due to persistent inflation. This reduced appetite for riskier assets like cryptocurrencies, Subburaj further said.

Market perspective

Avinash Shekhar, Co-Founder & CEO, Pi42

Bitcoin is trading around $59,500 today after briefly reclaiming the $60,000 level, as markets continue to react to persistent ETF outflows, macroeconomic uncertainty and cautious investor sentiment ahead of key US economic data. While the recent rebound suggests buyers are defending important support levels, near-term volatility is likely to persist.

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WazirX market’s desk

Global markets are entering the week on a cautious note as investors weigh geopolitical uncertainty against long-term growth. Asia-Pacific markets traded mixed early Monday as investors assessed escalating geopolitical tensions in the Middle East.

Piyush Walke, Derivatives Research Analyst, Delta Exchange

For bitcoin, this is only the third time it's started the year with two straight losing quarters. That's notable because Q2 has historically been one of Bitcoin's strongest periods, making this year's performance a clear break from the usual trend.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

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