Bitcoin slipped nearly 12% in a week to trade below the key level of $70,000 as ETF outflows accelerate. The cryptocurrency was trading at $6,260 mark after registering a decline of 4% in the past 24 hours.
In the past 24 hours, Ethereum was down 5.5% to trade at $1,871 mark. Among the major altcoins, BNB, XRP, Solana, Tron, Hyperliquid, Dogecoin and Cardano slipped up to 7%.
Vikram Subburaj, CEO, Giottus said Bitcoin entered June under pressure, and the current correction is being driven by a combination of institutional selling, negative ETF flows, and a deteriorating macro backdrop rather than any crypto-specific weakness.
The decline has pushed the asset below the psychologically important $70,000 level for the first time in nearly two months. The next major catalysts are macroeconomic rather than crypto-specific. The June 10 US inflation print and the June 16-17 Federal Reserve meeting will likely determine whether liquidity conditions improve or tighten further, Subburaj further said.
The global crypto market capitalisation edged down 4% to $2.31 trillion, according to CoinMarketCap. WazirX Market’s Desk said despite regulatory developments such as Clarity Act passing, Bitcoin hasn’t been able to live up to the sentiment as major crypto holders witness stock prices decline.
Bitcoin has reached $66k levels triggering fears of a crypto winter as risk off sentiment continues to persist globally, with slowing ETF inflow data indicating curbing institutional demand, WazirX Market’s Desk further said.
In the past week, Ethereum was down 10%. Among the major altcoins, BNB, XRP, Solana, Tron, Dogecoin and Cardano corrected up to 11% whereas Hyperliquid was up 18%.
Avinash Shekhar, Co-Founder & CEO, Pi42 said Bitcoin’s decline below $67,000 reflects a combination of geopolitical uncertainty, heavy liquidations, and a notable shift in market sentiment following Strategy’s sale of Bitcoin and the scale of the move is evident from the nearly $1.8 billion in liquidations across the crypto market, highlighting how quickly leveraged positioning can unwind during periods of uncertainty.
Shekhar further said that from a market structure perspective, the $65,000 region is emerging as an important area to watch. While renewed buying interest could help Bitcoin recover toward previous resistance levels, a sustained period of weak demand may keep the market under pressure until stronger signs of accumulation emerge.
Market perspective
Riya Sehgal, Research Analyst, Delta Exchange
Bitcoin’s fall below $70,000 and then toward the $66,000 zone has triggered panic across leveraged positions, with nearly $1.5 billion in liquidations since Monday adding fuel to the move. At the same time, crypto treasury flows have weakened sharply, with May inflows falling to $180 million, the lowest since October 2024, showing that institutional demand has also cooled.
CoinSwitch Markets Desk
Bitcoin’s move to the $66K area doesn't appear to be driven by any major crypto-specific shock. Strategy’s Bitcoin sale did dent market confidence, but it was not large enough to explain the full decline. At the same time, Bitcoin ETFs continue to see outflows, while heavy leverage in the market led to nearly $1.5B in liquidations since Monday.
Akshat Siddhant, Lead quant analyst, Mudrex
Bitcoin slipped below the $66,500 level as selling pressure intensified, wiping out much of the recovery seen in recent weeks. Market sentiment weakened further after Mt. Gox-linked wallets moved 10,300 BTC, reviving concerns about potential distribution from the exchange’s remaining holdings.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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