Crypto Market Weakness Persists Amid Ongoing Risk Aversion

The cryptocurrency market is experiencing widespread weakness on Monday, with Bitcoin (BTC) sliding under the $63,000 mark amid ongoing risk aversion. Major altcoins, including Ethereum (ETH) and Ripple (XRP), are following suit, trending lower toward key support levels at $1,700 and $1.10, respectively.

Persistent capital outflows weigh on Bitcoin and Ethereum as risk sentiment in the crypto market remains subdued due to macroeconomic headwinds, geopolitical uncertainties, and a lack of clear catalysts. Despite the Crypto Fear & Greed Index ticking up to 24 on Monday, appetite for risk assets has not improved.

The persistent outflows from US-listed Bitcoin spot Exchange-Traded Funds (ETFs) underscore waning institutional interest, with $527 million withdrawn last week alone. This marks the eighth consecutive week of net redemptions, reinforcing the ongoing bearish narrative.