Weaker ETF Demand Weighs on Bitcoin Amid Cautious Crypto Market

Bitcoin traded near $63,000 as weaker demand for exchange-traded funds (ETFs) and a cancelled Securities and Exchange Commission meeting weighed on cryptocurrency sentiment.

The world's largest digital currency by market capitalization was trading at around the $63,086 mark. In contrast to its peers, Ethereum only fell 0.3% over the past 24 hours.

Among major altcoins, some notable performers included BNB and Solana, which rose up to 1.1%. Global crypto market capitalization declined by 0.4% to $2.24 trillion, according to Coingecko.

Riya Sehgal, a research analyst at Delta Exchange, noted that the crypto markets remain cautious due to Bitcoin's proximity to $63,000 and reduced ETF demand. The cancellation of the SEC's scheduled meeting also removed a potential near-term catalyst for growth, while recent spot Bitcoin ETF outflows indicate cooling institutional buying momentum.

Nischal Shetty, Founder of WazirX, observed that Bitcoin remains range-bound between 63K-65K, with 62.4K-63K providing key support and 64K-65.5K acting as the main resistance zone.