Bitcoin trades near $60,000, logs weakest month since June 2022 amid ETF outflows

Bitcoin is trading near the $60,000 mark on Thursday after logging its weakest month since June 2022 amid ETF outflows. The cryptocurrency was trading at $60,277.

In the past 24 hours, Bitcoin was up 2.85%, and Ethereum was up 2.88%, trading at $1,618. Among the major altcoins, BNB, XRP, Solana, Tron, Dogecoin, and Cardano gained up to 4.74%, whereas Hyperliquid was down 0.51%.

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Piyush Walke, Derivatives Research Analyst at Delta Exchange, said spot Bitcoin ETFs also experienced approximately $4.5 billion in net outflows during June, marking their poorest monthly performance since they began trading in January 2024.

Walke further said that despite the recent weakness, Bitcoin (BTC) has formed a potential trend reversal setup that could signal a short-term shift in momentum.

The global crypto market capitalisation went up 1.99% to $2.08 trillion, according to CoinMarketCap. Long-term holders controlled roughly 14.8 million BTC. This reflects considerable investor stress, but also continued conviction among established holders, said Vikram Subburaj, CEO of Giottus.

In the past week, Bitcoin and Ethereum were down 2.19% and 1.88%, respectively. BNB, XRP, Tron, Hyperliquid, and Dogecoin corrected up to 5.92%, whereas Solana and Cardano were up 13.22% and 4.37%, respectively.

Nischal Shetty, founder of WazirX, said globally, easing inflation expectations have improved sentiment and supported a modest recovery in Bitcoin. But institutional demand remains subdued, with continued ETF outflows reflecting a risk-off approach.

Bitcoin's near-term prices will continue to be influenced by macroeconomic developments such as dollar strength, ETF flows, and the Fed’s monetary policy decision, Shetty further said.

Market perspective

CoinSwitch Markets Desk: BTC reclaimed the key $60K level after dipping to $58K. On the macro side, the US dollar pulled back from its highs, a tailwind for BTC. The long-dollar trade is crowded at +$34.3B, an 18-month high, hinting that a dollar reversal may be near, which typically helps BTC.

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Akshat Siddhant, Lead Quant Analyst, Mudrex: Bitcoin is stabilising near the $60,000 psychological level after rebounding from a 21-month low of $57,950. A weaker US dollar and crude oil prices falling to a four-month low have improved risk sentiment, helping BTC recover.

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