Bitcoin Treads Water Near $63,000 Amid Weaker ETF Demand

Bitcoin continues to hover near the $63,000 mark as weakening demand for exchange-traded funds (ETFs) and the cancellation of a US Securities and Exchange Commission meeting dampen market sentiment.

The cryptocurrency's price has remained relatively stable in recent days, with Bitcoin trading at around $63,086. In the past 24 hours, it fell by 0.7%, while Ethereum dropped 0.3% to $1,885.

Analysts point out that weaker ETF demand and regulatory uncertainty are limiting risk appetite in the market. 'Weaker ETF demand and renewed regulatory uncertainty limit risk appetite,' said Riya Sehgal, a research analyst at Delta Exchange.

Nischal Shetty, founder of WazirX, noted that institutional demand remains constructive, with strong ETF inflows, but offsetting selling and subdued momentum are keeping both BTC and ETH in consolidation.