Market Overview
Bitcoin slipped 2.5% to $62,674.70 by 18:14 ET (22:14 GMT) on Tuesday, driven by heightened expectations that the Federal Reserve will raise interest rates later this year and a concurrent global sell‑off in technology stocks, which saw the Nasdaq Composite tumble more than 2%.
Institutional Activity
Spot Bitcoin exchange‑traded funds experienced continued outflows, with investors pulling nearly $160 million during the week, extending a six‑week streak of net withdrawals. Although the weekly outflow pace has moderated, the pattern underscores fragile demand for crypto‑linked products.
Retail Sentiment
The Coinbase premium index, which measures the price differential between Bitcoin on Coinbase and the broader market, indicated that Bitcoin was trading at a sizable discount, reflecting subdued retail appetite in the United States after a challenging year for the asset.
Altcoin Performance
Ethereum fell 3.7% to $1,669.50, XRP slipped 2.1% to $1.10, BNB declined 2.3%, Solana dropped 4.3%, and Cardano lost 5%. Among meme tokens, Dogecoin decreased 4.6% and $TRUMP fell 6%.
Economic Context
U.S. business activity data showed the June composite Purchasing Managers' Index (PMI) rising to 52.2 from 51.5 in May, marking a five‑month high, yet this improvement failed to revive crypto market sentiment. The first‑quarter personal consumption expenditures (PCE) price index, the Federal Reserve’s preferred inflation gauge, is scheduled for release on Wednesday and is expected to influence further rate‑policy expectations.
Contributors
The article was authored by Ambar Warrick and includes contributions from Vahid Karaahmetovic and Anuron Mitra.