Bitcoin Trades Near $73,700 as US Inflation Fears and ETF Outflows Weigh on Crypto Market

Bitcoin was trading at Rs. 69.1 lakh on Wednesday as cryptocurrency markets faced renewed selling pressure following stronger-than-expected US inflation data, rising Treasury yields, and institutional withdrawals. Ethereum (ETH) was priced at Rs. 1.93 lakh, while major altcoins recorded mixed movements. Bitcoin and Ethereum exchange-traded funds (ETFs) recorded outflows of $201 million (roughly Rs. 1,886 crore) and $184.6 million (roughly Rs. 1,732 crore), respectively, adding to the selling pressure. According to CoinGecko data, Bitcoin traded at $73,800 (roughly Rs. 69.2 lakh), while Ethereum was priced at $2,065 (roughly Rs. 1.93 lakh).

The world's largest cryptocurrency fell 1.1 percent in the 24 hours, according to the Gadgets 360 price tracker. Weakness to US core inflation rising 0.3 percent in October, against expectations of 0.2 percent, and the two-year US Treasury yield climbing 18 basis points to 4.73 percent. Bitcoin was testing support between $73,100 and $73,500 (roughly Rs. 68.5 lakh-Rs. 68.9 lakh), with resistance at $75,600-$76,400 (roughly Rs. 70.9 lakh-Rs. 71.6 lakh). Ethereum's immediate support stood at $2,030-$2,050 (roughly Rs. 1.9 lakh-Rs. 1.92 lakh), while $2,100-$2,150 (roughly Rs. 1.97 lakh-Rs. 2.02 lakh) remained its recovery barrier.

Major Altcoins Record Mixed Movements as Bitcoin Remains Under Pressure

Binance Coin (BNB) was priced at $680 (roughly Rs. 63,700), while Solana (SOL) traded at $83 (roughly Rs. 7,700). XRP was priced at $1.06 (roughly Rs. 99.4), while Dogecoin (DOGE) traded at $0.068 (roughly Rs. 6.5). 

US Inflation Concerns and ETF Withdrawals Keep Bitcoin Under Pressure

Discussing the broader cryptocurrency market conditions, institutional investment flows and Bitcoin's technical levels, Nischal Shetty, Founder of WazirX, said, “Crypto markets declined as hotter US inflation, Treasury yields near 5 percent and ETF withdrawals outweighed support from stronger Chinese trade and lower Brent prices [...] China's exports rose 35.2 percent, and imports accelerated, while Brent declined 1.2 percent, easing some inflation pressure. Asian equities provided support, led by KOSPI and Nikkei, while US technology shares declined modestly and the VIX fell 2.31 percent. Bitcoin ETFs recorded $201 million (roughly Rs. 1,886 crore) in outflows, while Ethereum ETFs lost $184.6 million (roughly Rs. 1,732 crore).”

Commenting on Bitcoin's recovery attempts, institutional demand and upcoming US economic data, Vikram Subburaj, CEO of Giottus.com, said, “Bitcoin recovered to $73,837 (roughly Rs. 69.2 lakh) on Wednesday morning after touching $72,691 (roughly Rs. 68.19 lakh) overnight [...] Bitcoin was already facing weak demand through US spot ETFs, which recorded $1.48 billion (roughly Rs. 13,884 crore) in net withdrawals in November through Monday [...] If you had planned to buy Bitcoin this week, consider making a smaller first purchase and keeping the rest in cash until after the release.”

Highlighting Bitcoin's decline, institutional selling and the impact of US inflation data on cryptocurrency markets, Prateek Gupta, Head of Business at Mudrex, said, “Institutional flows remain weak, as US spot Bitcoin ETFs saw $201 million (roughly Rs. 1,886 crore) in withdrawals on Monday, extending their outflow streak to three sessions. Adding to selling pressure, MARA sold 13,597 BTC worth nearly $1.1 billion (roughly Rs. 10,319 crore) to repay loans. Strategy continued accumulating, purchasing 1,036 BTC and taking its holdings to 850,364 BTC.”

Overall, analysts say Bitcoin has recovered from its overnight low but continues to trade below $75,000 (roughly Rs. 70.3 lakh), while Ethereum has also declined amid broader market weakness. Bitcoin ETFs recorded $201 million (roughly Rs. 1,886 crore) in outflows, while Ethereum ETFs lost $184.6 million (roughly Rs. 1,732 crore). Bitcoin's ability to reclaim $75,000 will be important for improving its near-term outlook, while support around $73,100-$73,500 (roughly Rs. 68.5 lakh-Rs. 68.9 lakh) and $72,000 (roughly Rs. 67.5 lakh) remains crucial.