Bitcoin trades near $75,000 as ETF outflows and US monetary tightening fears weigh on crypto sentiment

Bitcoin traded near the $75,000 mark on Monday as persistent ETF outflows and expectations of further US monetary tightening weighed on investor sentiment. The cryptocurrency was trading at $74,284 mark.

In the past 24 hours, Bitcoin and Ethereum were down 1.9% and 5.3% respectively. Among the major altcoins, BNB, XRP, Solana, Tron, Hyperliquid, Dogecoin, and Cardano corrected upto 5.8%.

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The global crypto market capitalisation went down 3% to $2.53 trillion, according to the data on Coingecko.

CoinSwitch Markets Desk said US spot Bitcoin ETFs recorded approximately $412 million in outflows on Friday, taking weekly withdrawals to nearly $1.3 billion and stronger-than-expected US jobs data has also raised expectations of a potential Fed rate hike in December.

Looking ahead, 74K - 75K remains a key support zone, while reclaiming 77K-78K will be important for recovery, CoinSwitch Markets Desk further said.

Over the last week, Bitcoin was down 4.6% and Ethereum was down 7.1%. Among the major altcoins, BNB, XRP, Solana, Dogecoin, Hyperliquid and Cardano corrected upto 13.5% whereas Tron was up 0.5%.

Riya Sehgal, Research Analyst, Delta Exchange said that Bitcoin and Ethereum continue to trade below their key 4-hour moving averages. BTC is around $75,000 after testing the 73,500–74,000 zone, while ETH is near $2,140 following a break below 2,200–2,230. Ethereum has declined more than Bitcoin, with selling volume rising in both markets.

“ETF data also points to reduced institutional exposure. Bitcoin funds saw $1.28 billion in net withdrawals, while Ethereum funds lost $365 million in the week ending November 6.”

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With ETF demand weak and ETH exchange inflows continuing, both markets remain under pressure. The next key test is whether BTC can hold 73,500–74,000 and ETH can defend the 2,060–2,100 zone, Sehgal further said.

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