Bitcoin slipped nearly 15% in the first week of June and is trading below the $63,000 mark on Friday but on-chain data shows no signs of panic selling. The cryptocurrency was trading at $63,042.
In the past 24 hours, Bitcoin was down 2% and Ethereum was down 4% to trade at $1,730 mark. Among the major altcoins, BNB, XRP, Solana, Tron, Hyperliquid, Dogecoin and Cardano fell up to 15%.
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Vikram Subburaj, CEO, Giottus said Bitcoin’s decline during the first week of June presents an unusual picture as the asset fell from about $73,580 on June 1 to nearly $62,764 on June 5, representing a decline of roughly 15% in four trading sessions. Yet the available on-chain data does not show the capitulation that has accompanied previous major market breakdowns.
Subburaj further said that the clearest sign of stress comes from institutional flows. More than $4 billion has left US spot Bitcoin ETFs since May 15. About $1.4 billion exited during the latest week alone. The scale of those withdrawals broadly mirrors Bitcoin’s loss of nearly $11,000 since the beginning of June.
The global crypto market capitalisation edged down 3% to $2.17 trillion, according to CoinMarketCap.
Avinash Shekhar, Co-Founder & CEO, Pi42 said Bitcoin remains under pressure and is heading for its weakest weekly performance since February, as broader crypto market sentiment continues to soften amid a combination of macro uncertainty, profit-taking, and risk aversion.
For investors, the focus should be less on day-to-day price fluctuations and more on how the market responds to this period of consolidation, Shekhar further said.
In the past week, Bitcoin and Ethereum were each down 13% respectively. Among the major altcoins, BNB, XRP, Solana, Tron, Dogecoin and Cardano fell upto 28% whereas Hyperliquid was up 3%.
Riya Sehgal, Research Analyst, Delta Exchange said the overall crypto market remains under pressure as risk appetite weakens, ETF demand slows, and volatility expands across major assets. Bitcoin has slipped below key short-term levels, ETF outflows have continued for 13 straight trading days, and professional investors cut spot Bitcoin ETF exposure by nearly 52,000 BTC in Q1.
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Market perspective
WazirX Market Desk
Bitcoin’s recent pullback to $62,351 appears to be driven more by institutional portfolio rebalancing. After a strong rally, it's natural for large investors to book profits and rotate capital into sectors they believe offer the next growth opportunity.
For long-term retail investors, these rotations are often part of the journey. However, the coming weeks might continue to be volatile for the crypto market, especially with major IPOs of SpaceX, and other AI companies coming up.
(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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