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Bitcoin Holds Near $62,600 as Weak ETF Demand Keeps Crypto Market Under Pressure

Bitcoin Holds Near $62,600 as Weak ETF Demand Keeps Crypto Market Under Pressure

Bitcoin traded in a narrow range as lower oil prices eased inflation concerns for crypto markets.

Written by Rahul Dhingra, Edited by Rohan Pal | Updated: 3 August 2026 12:22 IST

Bitcoin Holds Near $62,600 as Weak ETF Demand Keeps Crypto Market Under Pressure

Photo Credit: Unsplash/Kanchanara

Bitcoin held above key support as whale accumulation offset cautious institutional demand

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Highlights

Whale accumulation continues despite weak ETF demand
Lower oil prices ease inflation concerns for crypto
Bitcoin needs to reclaim $64,000 for stronger momentum

Bitcoin traded near Rs. 59.6 lakh on Monday as the cryptocurrency market remained under pressure despite continued whale accumulation, with weak US spot Bitcoin ETF flows and a historically soft August performance weighing on investor sentiment. Ethereum (ETH) was trading near Rs. 1.76 lakh, reflecting subdued movement across the broader crypto market. According to market participants, lower oil prices have eased inflation concerns, but inconsistent spot Bitcoin ETF demand and subdued spot-market activity continue to limit the recovery. According to CoinMarketCap data, BTC trades at $62,600 (roughly Rs. 59.5 lakh) and Ethereum is trading at $1,852 (roughly Rs. 1.76 lakh).

The world's largest cryptocurrency declined 1.32 percent in the last 24 hours, as per the Gadgets 360 price tracker. Analysts also noted that investors are closely watching this week's US economic data and the August 7 employment report, while Bitcoin's ability to reclaim the $64,000-$65,000 range remains key to improving market sentiment.

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Major altcoins traded with mixed momentum on Monday.

Binance Coin (BNB) was priced around $581.87 (roughly Rs. 55,374), while Solana (SOL) traded near $72.79 (roughly Rs. 6,927). XRP hovered around $1.06 (roughly Rs. 101), and Dogecoin (DOGE) was trading close to $0.070 (roughly Rs. 6.6), indicating selective participation across large-cap cryptocurrencies.

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Bitcoin Faces Seasonal Weakness as ETF Demand Stays Uneven

Sharing his assessment of current market conditions, Akshat Siddhant, Lead Quant Analyst at Mudrex, said, “Bitcoin finished July up more than 7.3 percent, snapping a two-month losing streak, while US spot Bitcoin ETFs recorded net inflows of $172.4 million (roughly Rs. 1,641 crore) during the month. Despite the positive close, investors remain cautious as August has historically delivered Bitcoin's weakest performance, with a median return of -6.99 percent [...] On the other hand, large investors continue to accumulate, with whale wallets adding over 40,100 BTC.”

Providing a broader market outlook, Vikram Subburaj, CEO, Giottus.com, said, “Lower oil prices have eased some inflation concerns, but inconsistent US spot Bitcoin ETF flows and weak spot-market activity continue to limit the recovery [...] Investors should favour staggered buying, limited leverage and disciplined position sizing until Bitcoin clears $64,000 (roughly Rs. 60.89 lakh) with stronger ETF and spot demand.”

Commenting on the latest market trends, Nischal Shetty, Founder, WazirX, said, “Ethereum ETFs attracted $365 million (roughly Rs. 3,473 crore) during July, reflecting sustained institutional interest despite daily price fluctuations [...] XRP funds drew $27.29 million (roughly Rs. 260 crore) in July, extending their inflow streak to four months and taking cumulative inflows to approximately $1.5 billion (roughly Rs. 14,273 crore). Tokenised stock and ETF trading reached a record $11.3 billion (roughly Rs. 1,08,142 crore), highlighting the expanding use of blockchain-based market infrastructure.”

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Overall, analysts said lower oil prices and continued whale accumulation are providing support to the crypto market. Still, inconsistent ETF flows and upcoming US economic data continue to keep investors cautious. Bitcoin's ability to reclaim the $64,000-$65,000 (roughly Rs. 60.9 lakh-Rs. 61.8 lakh) range and attract stronger institutional demand is expected to determine the market's next move.

Bitcoin Holds Near $64,000 as Slowing US Inflation Fails to Lift ETF Demand

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.

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Further reading: Crypto markets, Crypto Prices, Cryptocurrency, Bitcoin, Ethereum

Rahul Dhingra

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Rahul Dhingra is a crypto writer at Gadgets 360, where he covers the exciting world of Cryptocurrency, Blockchain, Defi and Web3. Before joining Gadgets 360, he worked as a content specialist for a European-based Crypto Exchange. Rahul loves storytelling, not just through the written word but also through the visual medium. Beyond his professional life, Rahul is a sports fanatic. Whether it’s cricket or football, his passion for the game is contagious. More