Crypto Market Weakness Spreads as Bitcoin Slides Below $63,000 Amid 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), are following suit, trending lower toward key support levels.

Persistent capital outflows weigh heavily on both Bitcoin and Ethereum, underscored by net redemptions from US-listed spot Exchange-Traded Funds (ETFs). The eighth consecutive week of outflows has reinforced the ongoing bearish narrative, with $527 million withdrawn last week alone. This marks a significant decline in institutional interest.

Cumulative inflows remain positive at $51 billion, while net assets under management average $74 billion for Bitcoin ETFs. Ethereum spot ETFs present a similar picture, with outflows totaling $14 million last week, down from $273 million the previous week. Interest in XRP spot ETFs holds steady, outperforming both Bitcoin and Ethereum to post nearly $12 million in inflows last week.