Crypto Today: Bitcoin, Ethereum, XRP extend decline, pressured by increasing ETF outflows
- Bitcoin remains pressured below $65,000 as risk-off mood persists, with ETF outflows reaching $396 million on Tuesday.
- Ethereum extends sell-off targeting $1,700, weighed down by increasing selling pressure and ETF outflows.
- XRP bears retain control, triggering a sell-off to $1.15 while aligning with weak momentum indicators.
Cryptocurrencies are trading under pressure on Thursday, weighed down by risk-off sentiment driven by Middle East tensions and macroeconomic uncertainty. Bitcoin (BTC) has extended its decline below $65,000 and is targeting the key support area at $60,000. Altcoins, including Ethereum (ETH) and Ripple (XRP), are also pressured around $1,750 and $1.15, respectively.
Despite Iran’s Foreign Minister Abbas Araghchi saying that contact with the United States (US) had not been cut off, global markets remain jittery, evidenced by a persistent risk-off mood and outflows from Exchange-Traded Funds (ETFs).
Besides, Araghchi added that negotiations to end the war in the Middle East had made "no tangible progress,” as reported by Al Jazeera.
Sentiment across the crypto market remains significantly subdued, as reflected in the Fear & Greed Index, holding at 12 in Extreme Fear territory on Thursday, down from 50 in May.
ETF outflows weigh on Bitcoin, Ethereum and XRP
Institutional interest in Bitcoin, as evidenced by spot ETFs, has taken a back seat, with outflows amounting to $397 million on Wednesday. This marks the 13th consecutive day of outflows, bringing cumulative inflows down to $54.26 billion from $54.56 billion in the same period. Total assets under management average $82.83 billion, declining from $85 billion.
Ethereum ETFs continued to bleed, with outflows totaling $53 million on Wednesday. Cumulative inflows average $11.19 billion, with net assets under management standing at $9.96 billion, according to SoSoValue.
XRP spot ETFs turned negative for the first time since April, amid outflows of $5.34 million on Thursday. However, SoSoValue data shows that activity remained muted on some days. Cumulative inflows average $1.14 billion, with net assets under management standing at $1.03 billion, according to SoSoValue.
Price analysis: Bitcoin sellers tighten grip
Bitcoin trades at around $64,000, extending a bearish phase as price holds well below the 50-day, 100-day and 200-day Exponential Moving Averages (EMAs) at roughly $75,216, $76,038 and $80,671. The loss of the previously rising support trendline, now a resistance pivot around $71,354, underscores a market capped by overhead supply.
Meanwhile, the Relative Strength Index (RSI) is holding above 18 points to persistent downside pressure despite already oversold conditions. The Moving Average Convergence Divergence (MACD) histogram remains in negative territory with a deeply negative reading, reinforcing a dominant bearish momentum backdrop.
On the topside, initial resistance emerges at the broken upward trendline near $71,354, with further supply anticipated at the 50-day EMA around $75,216 and the 100-day EMA close to $76,038, before the broader bearish structure is challenged at the 200-day EMA near $80,671. On the downside, the next notable demand is the $60,000 level, which cushioned Bitcoin in early February.
Altcoins technical outlook: Ethereum and XRP trade under increasing pressure
Ethereum trades at $1,759, extending a clear bearish bias as price holds well below the reclaimed SuperTrend resistance at $2,021 and a stack of moving averages. The 50-day, 100-day and 200-day EMAs, clustered from roughly $2,132 to $2,459, sit firmly overhead and suggest rallies are likely to be capped while the pair remains entrenched beneath this descending envelope.
Momentum conditions are weak, with the RSI deeply oversold near 18 and the MACD histogram tracking below the zero line, which hints that bearish pressure dominates even if short-term bounces emerge.
On the topside, initial resistance is seen at the SuperTrend line around $2,021, followed by the former upward trendline break area near $2,052. Above there, the 50-day EMA at $2,132 forms the next hurdle before the 100-day EMA at $2,235 and the longer-term 200-day EMA near $2,459, which together define a broader supply zone that would need to be reclaimed to ease the prevailing downtrend. If the downtrend persists, Ethereum could test between $1,700 and $1,600, a region that may attract buyers seeking fresh entries.
XRP, on the other hand, trades at $1.15, extending a pronounced bearish phase as price holds well beneath the 50-day, 100-day and 200-day EMAs clustered from roughly $1.36 up to $1.64. The SuperTrend indicator at $1.34 also sits above spot, reinforcing a cap on rebounds, while the RSI near 22 signals deeply oversold conditions that could slow, but not yet reverse, the prevailing downside pressure. The negative MACD histogram remains, suggesting downside is still apparent.
On the topside, initial resistance emerges at the SuperTrend zone around $1.34, with the 50-day EMA near $1.36 adding to this supply area before the 100-day EMA at $1.44 and the more distant 200-day EMA around $1.64 come into view as broader bearish markers. If the decline extends, XRP could retest the demand at $1.00 before attempting another recovery.
(The technical analysis of this story was written with the help of an AI tool.)
Crypto ETF FAQs
An Exchange-Traded Fund (ETF) is an investment vehicle or an index that tracks the price of an underlying asset. ETFs can not only track a single asset, but a group of assets and sectors. For example, a Bitcoin ETF tracks Bitcoin’s price. ETF is a tool used by investors to gain exposure to a certain asset.
Yes. The first Bitcoin futures ETF in the US was approved by the US Securities & Exchange Commission in October 2021. A total of seven Bitcoin futures ETFs have been approved, with more than 20 still waiting for the regulator’s permission. The SEC says that the cryptocurrency industry is new and subject to manipulation, which is why it has been delaying crypto-related futures ETFs for the last few years.
Yes. The SEC approved in January 2024 the listing and trading of several Bitcoin spot Exchange-Traded Funds, opening the door to institutional capital and mainstream investors to trade the main crypto currency. The decision was hailed by the industry as a game changer.
The main advantage of crypto ETFs is the possibility of gaining exposure to a cryptocurrency without ownership, reducing the risk and cost of holding the asset. Other pros are a lower learning curve and higher security for investors since ETFs take charge of securing the underlying asset holdings. As for the main drawbacks, the main one is that as an investor you can’t have direct ownership of the asset, or, as they say in crypto, “not your keys, not your coins.” Other disadvantages are higher costs associated with holding crypto since ETFs charge fees for active management. Finally, even though investing in ETFs reduces the risk of holding an asset, price swings in the underlying cryptocurrency are likely to be reflected in the investment vehicle too.
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