Bitcoin slips below $117,000 amid ETF outflows; All eyes on Fed Chair Powell
slipped below the $117,000 mark on Tuesday amid renewed
ETF outflows
and growing market caution ahead of a key speech by US Federal Reserve Chair
Jerome Powell
.
As of 11:27 am IST, the world's largest cryptocurrency was trading 1.1% lower at $116,994.
Ethereum
also lost ground, falling 2.3% to $3,681.
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Most major altcoins were in the red, with XRP down 1.4%, BNB 1.5%, Dogecoin 3.4%, Cardano 0.6%, Tron 1.3%, Hyperliquid 7.7%, and Stellar 5.5%. However,
Solana
defied the trend, rising 5% to hit a five-month high above $200.
The latest dip in Bitcoin was attributed to profit-booking and outflows from institutional products. 'Bitcoin slipped below the $117K mark due to ETF outflows,' said Shivam Thakral, CEO of BuyUcoin. 'The single-day outflow from Bitcoin ETFs stood at $131 million, while Ethereum ETFs added $194 million during the same period.'
Thakral added that Ethereum's renewed strength has caught the attention of institutional investors, who are anticipating a growth trajectory similar to Bitcoin's. 'With regulatory clarity improving and support from Trump's media corporation and BTC treasuries, the market remains active and optimistic this week,' he noted.
Some analysts believe the recent moves point to an emerging
altcoin season
. Edul Patel, Co-founder and CEO of Mudrex, said capital rotation away from Bitcoin is gaining pace. 'BTC is now range-bound between $116,000 and $120,000, and its dominance has dipped below 60%—the second major decline in three months,' Patel noted.
He highlighted Ethereum's growing futures interest, which rose from $18 billion to $28 billion in just one week. 'This shift has pushed the altcoin season index above 50 for the first time since December, with Solana's rally acting as a key indicator of investor appetite beyond BTC,' he added.
Sathvik Vishwanath, Co-founder and CEO of Unocoin, said Bitcoin is holding just above key technical support near $116,000. 'If BTC breaks above $122,000, we could see a move toward $125,000–128,000. But a breach below $116,000 could trigger a correction to $112,000,' he said.
Vishwanath added that long-term fundamentals remain strong, with some analysts projecting a $200,000 target by year-end, driven by halving-induced supply constraints, global adoption, and favorable regulation.
Meanwhile, investor sentiment remains cautious ahead of a speech by
Fed Chair Jerome Powell
scheduled for 6:30 PM IST today. With just a week before the next FOMC meeting, speculation has intensified about Powell's future, amid reported pressure from Donald Trump.
Any surprise signals on interest rates or leadership changes at the Fed could add to market volatility, with crypto assets likely to react sharply to developments.
(
Disclaimer
: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
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