Bitcoin traded near $63,400 (roughly Rs. 60.6 lakh) on Tuesday, as the cryptocurrency market showed signs of stability despite continued concerns around ETF outflows and upcoming US macroeconomic data. The world’s largest cryptocurrency has witnessed a decline of 9.55 percent in the last week, based on today’s CoinMarketCap data. Ethereum (ETH) was trading near $1,700 (roughly Rs. 1.62 lakh), reflecting modest gains across the broader crypto market. Bitcoin is currently priced around Rs. 60.4 lakh in India, while Ethereum trades near Rs. 1.61 lakh, as per today’s Gadgets 360 price tracker.
According to crypto market analysts, continued ETF outflows and investor caution ahead of the June 10 US inflation report and the upcoming Federal Reserve meeting are still preventing a stronger recovery.
Inflation Data and ETF Flows Remain in Focus for Crypto Markets
Major altcoins traded with a positive bias on Tuesday as broader market sentiment improved slightly. Binance Coin (BNB) was priced around $604.14 (roughly Rs. 57,800), while Solana (SOL) traded near $67.30 (roughly Rs. 6,440). XRP hovered around $1.17 (roughly Rs. 112), and Dogecoin (DOGE) traded near $0.087 (roughly Rs. 8.3), indicating selective buying interest among large-cap digital assets.
Explaining the latest market setup, Akshat Siddhant, Lead Quant Analyst at Mudrex, said, “Despite the weak price action, institutional accumulation has picked up, with Strategy adding 1,550 BTC and Bitmine purchasing 126,971 ETH. Investors are now waiting for the June 10 US inflation report, which is expected to be the key catalyst for markets.”
Providing a broader assessment of market conditions, Vikram Subburaj, CEO, Giottus.com, said, “The primary driver remains weak institutional sentiment, with US spot Bitcoin ETFs recording more than $4 billion (roughly Rs. 38,244 crore) in cumulative outflows since mid-May […] Investors should focus on risk management and avoid chasing short-term rebounds. Monitoring Bitcoin’s ability to hold above the $62,000 (roughly Rs. 59.3 lakh) support zone, alongside ETF flow trends and upcoming macroeconomic data, will provide clearer signals about the market’s next direction.”
Commenting on current sentiment, the CoinSwitch Markets Desk said, “A major boost came from Strategy, which purchased 1,550 BTC worth about $101 million (roughly Rs. 966 crore), easing concerns that its recent sale of 32 BTC signalled a change in its long-term commitment to BTC. Other firms, including Strive and Bitmine, also took advantage of lower prices to increase their crypto holdings.”
Overall, analysts said the crypto market is showing early signs of stabilisation as institutional buying activity returns at lower levels. However, continued ETF outflows and uncertainty surrounding US inflation data and Federal Reserve policy remain key risks. Bitcoin’s ability to maintain support above the $62,000-$63,000 (roughly Rs. 59.3 lakh–Rs. 60.2 lakh) range and reclaim the $65,000 (roughly Rs. 62.1 lakh) level will remain important for confirming a stronger recovery in the sessions ahead.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
