Bitcoin traded near $75,600 (roughly Rs. 72.4 lakh) on Wednesday, as the cryptocurrency market weakened amidst renewed geopolitical tensions and continued pressure from ETF outflows. The world’s largest cryptocurrency witnessed a decline of 1.19 percent based on today’s CoinMarketCap data. Ethereum (ETH) was trading near $2,073 (roughly Rs. 1.98 lakh), reflecting cautious movement across the broader crypto market. Bitcoin is currently priced around Rs. 72.4 lakh in India, while Ethereum trades near Rs. 1.98 lakh, as per today’s Gadgets 360 price tracker.
Analysts noted that continued ETF outflows, weak spot participation, and rising macro uncertainty have kept traders defensive despite Bitcoin holding above the key $75,000 (roughly Rs. 71.8 lakh) support level.
Institutional Weakness and Thin Trading Volumes Limit Bitcoin Recovery
Most crypto assets continued to trade with caution on Wednesday, largely mirroring Bitcoin’s weak price action amidst reduced market participation. Binance Coin (BNB) trades at $651.81 (roughly Rs. 62,450), while Solana (SOL) traded near $83.69 (roughly Rs. 8,020). XRP hovered around $1.32 (roughly Rs. 126), and Dogecoin (DOGE) was trading close to $0.101 (roughly Rs. 9.6), indicating persistent hesitation across risk assets.
Explaining the latest market weakness, Akshat Siddhant, Lead Quant Analyst at Mudrex, said, “Rising tensions in the Middle East following renewed US military action pushed investors into a risk-off mode, increasing pressure on crypto markets. More than $436 million (roughly Rs. 4,177 crore) in liquidations were recorded across the market, showing a sharp unwind of leveraged trades. At the same time, continued outflows from Bitcoin ETFs have weakened short-term sentiment”
Commenting on current trading conditions, the CoinSwitch Markets Desk said, “BTC’s weekend rebound faded after reports of US strikes on Iranian targets raised concerns about ongoing peace negotiations that would lose momentum, pushing prices back below $76,000 (roughly Rs. 72.8 lakh).”
Providing a broader assessment of institutional demand trends, Vikram Subburaj, CEO, Giottus.com, said, “Since ETFs became a major liquidity driver after the January 2024 approvals, weaker flows have reduced the market’s ability to sustain stronger recoveries […] Investors should avoid chasing sharp short-term rebounds while Bitcoin remains below the $78,000-$80,000 (roughly Rs. 74.7 lakh–Rs. 76.6 lakh) recovery zone. The market is still highly sensitive to ETF flows, Treasury yields, and upcoming US macro data. For spot investors, staggered accumulation with strict risk management may be safer than aggressive leveraged trades.”
Overall, analysts said the crypto market remains under pressure as investors react to geopolitical uncertainty, ETF outflows, and weak institutional participation. Bitcoin’s ability to defend the $75,000-$75,500 (roughly Rs. 71.8 lakh–Rs. 72.3 lakh) support zone and eventually reclaim the $78,000-$80,000 (roughly Rs. 74.7 lakh–Rs. 76.6 lakh) resistance band will remain crucial for improving near-term market sentiment.
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.