Bitcoin trades near the $63,000 mark on Tuesday with spot ETFs signalling stable institutional appetite, even as retail interest in the US has slipped to one of its lowest levels in years. The crypto major was trading at $63,586.
In the past 24 hours, Bitcoin was up 1.62%, and Ethereum was up 0.57%, trading at $1,855. Among the major altcoins, BNB, XRP, Solana, Tron, Hyperliquid, Dogecoin, and Cardano gained up to 6.65%.
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Avinash Shekhar, Co-Founder & CEO, Pi42, said fresh inflows into spot Bitcoin ETFs signal that institutional appetite remains intact, even as retail interest in the US has slipped to one of its lowest levels in years. This divergence reflects a maturing market where long-term capital is beginning to carry more weight than short-term sentiment.
He further said that investors should focus on where institutional money is flowing and how the broader crypto ecosystem is evolving, rather than reacting to short-term shifts in participation.
The global crypto market capitalisation went up 1.31% to $2.18 trillion, according to CoinMarketCap. The crypt fear and greed index is at 35 as the market sentiment is in fear, said CoinDCX Research Team.
In the past week, Bitcoin was up 0.12%, and Ethereum was down 1.52%. Among the major altcoins, BNB, XRP, Solana, Tron, Dogecoin and Cardano rallied up to 25.65% whereas Hyperliquid was down 1.20%.
Vikram Subburaj, CEO, Giottus said weak spot demand and cautious derivatives positioning continue to restrict the recovery. Immediate support lies around $63,000, followed by the recent intraday low near $62,200.
“Institutional flows are showing tentative improvement. US spot Bitcoin ETFs ended the week through July 31 with a net outflow of approximately $61.5 million. A $265.4 million withdrawal on July 31 erased much of the previous day's inflow. Funds recorded at least $58.7 million of inflows on August 3, although BlackRock’s IBIT figure was unavailable when checked,” Subburaj further said.
Market perspective
Nischal Shetty, founder, WazirX: Bitcoin held near its short-term Moving Averages as institutional activity remained in focus. American Bitcoin reported record quarterly production of 932 BTC and expanded its reserve beyond 8,000 BTC, highlighting corporate participation.
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Riya Sehgal, Research Analyst, Delta Exchange: Crypto markets are trading in a narrow range even as global equities move higher. Bitcoin is holding between $63,500 and $64,000, while Ether remains near $1,860, indicating limited risk appetite. Technically, Bitcoin needs to break and hold above $64,000–$64,250 to improve momentum.
Akshat Siddhant, Lead Quant Analyst, Mudrex: Bitcoin is trading in the $63,000-$64,000 range as investors remain cautious amid growing macroeconomic uncertainty. A stronger Japanese yen, supported by an estimated $59 billion in currency intervention, has accelerated the unwinding of yen carry trades, reducing liquidity for risk assets. Notably, two of Bitcoin's three major corrections this year have occurred during similar periods of yen strength, highlighting the growing influence of global macro trends
CoinSwitch Markets Desk: BTC approached $64K after the ISM Manufacturing PMI rose to 55.6, its highest level since 2022. ISM is a leading indicator because purchasing managers often see shifts in demand before they appear in GDP or corporate earnings.
( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
