Crypto markets remain cautious as ETF outflows weaken recovery momentum.
Bitcoin recovery attempts remain fragile amid weak institutional demand
Photo Credit: Unsplash/Kanchanara
Bitcoin traded near $76,800 (roughly Rs. 73.3 lakh) on Tuesday, as the cryptocurrency market remained cautious amid continued ETF outflows and uncertainty around upcoming US macroeconomic triggers. The world's largest cryptocurrency witnessed an increase of 0.60 percent in the last 24 hours, based on today's market data. Ethereum (ETH) was trading near $2,100 (roughly Rs. 2 lakh), reflecting muted movement across the broader crypto market. Bitcoin is currently priced around Rs. 73.1 lakh in India, while Ethereum trades near Rs. 2 lakh, as per today's Gadgets 360 price tracker.
Analysts noted that easing crude oil prices and improving macro sentiment have helped reduce immediate downside pressure, though the market is still struggling to reclaim key resistance zones.
Major altcoins continued to trade with weakness on Tuesday, broadly mirroring Bitcoin's cautious price action. Binance Coin (BNB) was priced around $657.82 (roughly Rs. 62,800), while Solana (SOL) traded near $84.46 (roughly Rs. 8,060). XRP hovered around $1.34 (roughly Rs. 128), and Dogecoin (DOGE) was trading close to $0.101 (roughly Rs. 9.6), indicating continued hesitation across risk assets.
Commenting on the latest market structure, the CoinSwitch Markets Desk said, “BTC is trying to recover after defending the $77,000 (roughly Rs. 73.4 lakh) support area, but the move still looks like a rebound rather than a confirmed breakout [...] US spot Bitcoin ETFs reportedly saw over $1.74 billion (roughly Rs. 16,603 crore) in outflows across two weeks, while rising inflows into major exchanges and activity from 6–12 month holders suggest some profit-taking.”
Providing a broader assessment of institutional demand trends, Vikram Subburaj, CEO, Giottus.com, said, “US spot Bitcoin ETFs lost about $648.6 million (roughly Rs. 6,189 crore) on May 18 alone, followed by four more consecutive outflow sessions. Since spot ETFs became a major liquidity channel after the January 2024 approvals, sustained outflows have made it difficult for BTC to reclaim the $78,000-$80,000 (roughly Rs. 74.4 lakh–Rs. 76.3 lakh) recovery zone [...] Many recent buyers are still holding unrealised losses. In such phases, rallies usually struggle until those holders return to profit”
Sharing a technical perspective on current price action, Riya Sehgal, Research Analyst, Delta Exchange, said, “Crypto markets are witnessing a cautious consolidation phase after last week's sharp corrective move [...] Both assets attempted short-term recovery bounces from recent lows, but upside momentum continues to face resistance as traders remain defensive.”
Overall, analysts said the crypto market remains in a cautious consolidation phase as investors assess ETF demand, macroeconomic uncertainty, and institutional positioning. Bitcoin's ability to defend the $75,000-$76,000 (roughly Rs. 71.6 lakh–Rs. 72.5 lakh) support zone and reclaim the $78,000-$80,000 (roughly Rs. 74.4 lakh–Rs. 76.3 lakh) band will remain important for confirming stronger recovery momentum.
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