Bitcoin and Ethereum ETFs lose billions, XRP gains inflows

The cryptocurrency market remains under significant pressure, with Bitcoin and Ethereum exchange-traded funds experiencing heavy outflows while XRP shows a contrasting pattern of steady institutional inflows despite its own price weakness. On Wednesday, Bitcoin traded near $62,150, having rebounded from a dip below $59,000 last week, but analysts warn the recovery is fragile.

A new analysis from on-chain analytics firm CryptoQuant indicates Bitcoin may be approaching a potential valuation floor near $53,600, a level representing its current realized price. However, the firm's report, published Wednesday, cautions that a durable recovery is not yet in sight due to persistently weak demand. Total Bitcoin demand, combining spot and futures activity, contracted by 652,000 BTC last week, the largest weekly contraction since January 2022. Institutional demand has also weakened, with the 30-day growth rate for U.S. spot Bitcoin ETFs turning negative by 74,000 BTC, indicating these products are now a net source of supply.

This institutional outflow trend continued sharply on June 10, with U.S. spot Bitcoin ETFs seeing a net outflow of $214 million. BlackRock's iShares Bitcoin Trust...