Bitcoin is trading near the $63,000 mark on Monday after nearly $224 million in ETF inflows ended a six-day outflow streak. The cryptocurrency was trading at $62,950.
In the past 24 hours, Bitcoin was up 0.31%, and Ethereum was up 0.29%, trading at $1,770. Among the major altcoins, BNB, XRP, Solana, Tron, Hyperliquid, and Dogecoin rallied up to 3.57%, while Cardano fell 1.99%.
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Akshat Siddhant, Lead Quant Analyst at Mudrex, said Bitcoin staged a strong rebound on Saturday, supported by thinner exchange order books during the three-day U.S. holiday weekend, which amplified upward price moves. Market sentiment also improved after spot Bitcoin ETFs recorded $224 million in net inflows, ending a six-session outflow streak.
He further said that on-chain data supports a bullish revival with Bitcoin’s realised profit-and-loss ratio falling to a 43-month low of -0.35, a level that has historically aligned with market bottoms. However, traders should remain cautious, as the past seven Mondays have seen notable price weakness.
The global crypto market capitalisation was up 0.56% to $2.18 trillion, according to CoinMarketCap. The fear and greed index has risen to 28 as market sentiment improved slightly, but it remains under pressure, said the CoinDCX Research Team.
Avinash Shekhar, Co-Founder & CEO of Pi42, said the recovery from key support levels suggests that market participants are positioning themselves ahead of important macro developments, including the upcoming FOMC minutes and continued progress on crypto regulation in the US.
While the near-term direction will depend on how these events shape liquidity expectations and institutional participation, the current price action points to improving market sentiment rather than a one-day bounce, Shekhar further said.
Ethereum was up 12% in the past week, whereas Bitcoin was up 4.85%. Among the major altcoins, BNB, XRP, Solana, Tron, Hyperliquid, Dogecoin, and Cardano gained up to 28.29%.
Riya Sehgal, Research Analyst, Delta Exchange, said the rebound has been supported by short covering, softer macro cues, a weaker dollar, and improved risk appetite after oil prices eased. ETF flows have also become an important sentiment driver.
Markets will now watch the July 8 FOMC minutes for the next volatility trigger, Sehgal further said.
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Market perspective
Vikram Subburaj, CEO, Giottus: Bitcoin started July on a firmer footing after recovering from last week’s slide, but the rebound should not be mistaken for a decisive change in trend. The recovery has been aided by improved risk sentiment following softer US labour market data and some short-covering in derivatives markets rather than a broad resurgence in institutional demand.
Nischal Shetty, founder, WazirX: Positive spot ETF inflows after a 10-day outflow streak supported the move, though heavy exchange deposits from large holders kept volatility elevated.
CoinSwitch Markets Desk: BTC is holding around $63K, near its highest level in two weeks after a modest weekend bounce. But it's been stuck below this level for weeks, so the real test is whether it can stay above it.
( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
