Bitcoin traded near $64,100 (roughly Rs. 61.4 lakh) on Thursday, as the cryptocurrency market remained under pressure amid continued ETF outflows and broad weakness across major digital assets. The world’s largest cryptocurrency witnessed a dip of 4.72 percent in the last 24 hours, based on today’s CoinMarketCap data. Ethereum (ETH) was trading near $1,800 (roughly Rs. 1.72 lakh), reflecting continued weakness across the broader crypto market. Bitcoin is currently priced around Rs. 61.1 lakh in India, while Ethereum trades near Rs. 1.72 lakh, as per today’s Gadgets 360 price tracker.
According to market participants, weaker risk appetite, elevated leverage, and capital rotation into traditional assets have continued to weigh on crypto market sentiment.
Major altcoins also traded lower on Thursday, largely mirroring Bitcoin’s decline amidst continued market caution. Binance Coin (BNB) was priced around $605.98 (roughly Rs. 58,010), while Solana (SOL) traded near $70.71 (roughly Rs. 6,770). XRP hovered around $1.19 (roughly Rs. 114), and Dogecoin (DOGE) was trading close to $0.09 (roughly Rs. 8.6), indicating broad-based weakness across large-cap tokens.
ETF Outflows and Macro Uncertainty Continue to Pressure Bitcoin
Commenting on the latest market conditions, the CoinSwitch Markets Desk said, “BTC’s break below $65,000 (roughly Rs. 62.2 lakh) shows that the market is still digesting weaker ETF flows, Strategy’s BTC sale, and capital shifting toward AI-linked equities […] On the other side, US Treasury Secretary Scott Bessent said the administration wants the CLARITY Act passed this summer, which could improve crypto regulatory clarity in the US.”
Providing a broader assessment of current market dynamics, Vikram Subburaj, CEO, Giottus.com, said, “US spot Bitcoin ETFs recorded another day of net outflows on June 3, while the broader crypto market witnessed significant liquidations of leveraged positions. The combination of institutional selling and risk-off sentiment has kept Bitcoin below key resistance levels […] Investors should remain selective and avoid chasing short-term rebounds in a volatile market. With Bitcoin support around $62,000 (roughly Rs. 59.3 lakh) and major macro events such as upcoming US inflation data and Federal Reserve commentary approaching, gradual accumulation and disciplined risk management remain the preferred strategy for long-term participants.”
Sharing a market perspective, the WazirX Market’s Desk said, “Capital tends to move where investors perceive opportunities at a given point in the economic cycle. In environments marked by shifting macroeconomic conditions, investors frequently rebalance portfolios toward assets like gold, commodities, or trending stocks […] Ethereum, which is 23 percent down from its levels last month, is facing challenges due to base layer fee turbulence. However, analysts point towards a shift in Ethereum’s use case as a settlement token across blockchain network projects.”
Overall, analysts said the crypto market remains under pressure as ETF outflows, institutional selling, and uncertainty around US monetary policy continue to dampen sentiment. Bitcoin’s ability to defend the $62,000-$64,000 (roughly Rs. 59.3 lakh–Rs. 61.3 lakh) support range and avoid a retest of $60,000 (roughly Rs. 57.4 lakh) will remain crucial for determining near-term market direction.
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.
