Bitcoin Slips Near $63K Amid Chip Stock Sell-Off and ETF Outflows

Bitcoin's price slipped to near $63,000 on Wednesday due to a sharp sell-off in Asian semiconductor stocks and continued outflows from US spot Bitcoin ETFs.

The global crypto market capitalisation went up 0.62% to $2.19 trillion, according to CoinMarketCap, but the increase was largely driven by institutional interest rather than any fundamental changes in the market.

Nischal Shetty, founder of WazirX, said that the decline has been driven by a combination of rising liquidation activity, softer institutional flows, and a broader risk-off sentiment that has weighed heavily on global technology stocks.

Despite this short-term weakness, experts believe that the market remains intact, with institutional interest in digital assets remaining strong. The pause in spot Bitcoin ETF inflows after an extended streak has also prompted participants to reassess near-term positioning.