Bitcoin traded near $62,900 (roughly Rs. 59.54 lakh) on Tuesday, as the cryptocurrency market remained under pressure despite improving sentiment around US-Iran relations and renewed institutional inflows. The world’s largest cryptocurrency witnessed a decline of 2.1 percent in the market over the last 24 hours, based on today’s CoinMarketCap data. Ethereum (ETH) was trading near $1,700 (roughly Rs. 1.60 lakh), reflecting weakness across the broader crypto market. Bitcoin is currently priced around Rs. 59.5 lakh, while Ethereum trades near Rs. 1.59 lakh in India, as per today’s Gadgets 360 price tracker.
Market participants believe that developments relating to positive news on the US-Iran talks, decline in crude prices, and stabilisation in institutional demand have been behind the positive sentiment. However, there is still caution before inflation and labour market figures that can impact Fed expectations.
Across the broader crypto market, major altcoins traded lower alongside Bitcoin as investors remained selective despite improving market conditions. Binance Coin (BNB) was priced around $580.26 (roughly Rs. 54,950), while Solana (SOL) traded near $70.26 (roughly Rs. 6,654). XRP hovered around $1.11 (roughly Rs. 105), and Dogecoin (DOGE) was trading close to $0.080 (roughly Rs. 7.6), indicating that traders continue to favour a cautious approach.
ETF Inflows and Economic Data Remain in Focus
Sharing his assessment of current price action, Akshat Siddhant, Lead Quant Analyst at Mudrex, said, “Despite continued ETF outflows, underlying network fundamentals remain strong. On-chain activity has picked up significantly, and the amount of Bitcoin held on exchanges has dropped to its lowest level since 2019, indicating reduced selling pressure.”
Providing a broader view of current market conditions, Vikram Subburaj, CEO, Giottus.com, said, “Market sentiment has improved slightly. US spot Bitcoin ETFs recorded net inflows of about $104 million (roughly Rs. 98.50 crore) on June 22. This reversed some of the weakness seen earlier in the month. The inflows also suggest that institutional interest may be stabilising after a prolonged period of outflows […] Investors should avoid excessive leverage, maintain disciplined risk management, and focus on gradual accumulation rather than reacting to short-term market swings.”
Commenting on near-term market trends, the CoinSwitch Markets Desk said, “On the macro side, the US Dollar Index crossed 101, and rising Treasury yields above 4.5 percent weighed on BTC. Corporate demand stayed visible, with Strive picking up 759 BTC. Meanwhile, cooling US-Iran tensions and softer oil prices are helping improve the macro sentiment. On the derivatives side, the perpetual futures funding rate ticked up to 7 percent, its highest in nearly three weeks, pointing to growing appetite for bullish positions, though it stays within neutral territory.”
Overall, analysts felt that the crypto market was displaying stabilisation, thanks to the growing sentiments in the geopolitical sector, ETF flows, and on-chain metrics, which have helped compensate for the macroeconomic risks faced by the market. It will be important for BTC to sustain above the range of $63,200-$63,600 (roughly Rs. 59.85 lakh-Rs. 60.23 lakh) and re-enter the range of $65,500-$66,000 (roughly Rs. 62.04 lakh-Rs. 62.51 lakh).
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