Bitcoin Slides as Rate Jitters and ETF Outflows Weigh

Written by Sandra Leggero

Sandra Leggero has a background in financial markets, having spent more than 9 years in commodities trading for several European and Asian companies. She holds a degree in Economics from the University of Pavia and specializes in emerging markets.

, | Updated: June 24, 2026

Key Moments

Bitcoin declined 1.5% to $61,542.2 by 09:50 ET (13:50 GMT), staying close to its yearly lows.
Spot Bitcoin ETFs were on track for a seventh straight week of net outflows, although the pace has recently slowed.
Bank of America reiterated a “Buy” rating on Coinbase Global Inc (NASDAQ:COIN), citing potential upside from the proposed CLARITY Act and new perpetual futures approvals.

Rate Concerns Pressure Bitcoin and Risk Assets

Bitcoin moved lower on Wednesday, adding to its recent losing streak as persistent worries about elevated U.S. interest rates and softer demand from investors kept cryptocurrency markets under pressure.

The largest cryptocurrency by market capitalization was down 1.5% at $61,542.2 by 09:50 ET (13:50 GMT).

A broad selloff in technology and chipmaking shares earlier in the week contributed to a risk-off mood, leaving demand for digital assets muted even as some investors rotated out of high-growth tech names.

Markets remained cautious after hawkish signals from a Federal Reserve meeting last week reinforced expectations that U.S. rates could stay higher for longer. Upcoming PCE price index data due this week was being watched for additional direction on the policy outlook.

Bitcoin Range-Bound as ETF Outflows Persist

Over the past week, Bitcoin traded in a relatively narrow band, holding slightly above its lows for the year amid a lack of positive catalysts for the asset class.

Continued capital withdrawals from spot Bitcoin exchange-traded funds added to the pressure. These vehicles were headed for their seventh consecutive week of net outflows.

While the pace of redemptions has eased recently, there have been few indications of a meaningful shift back into net inflows.

At the same time, assets tied to artificial intelligence themes, particularly equities, have seen increased investor interest in recent weeks. This trend has drawn capital away from cryptocurrencies and toward sectors perceived as having clearer fundamental drivers.

Coinbase Outlook: CLARITY Act and Perpetual Futures in Focus

Bank of America reaffirmed its “Buy” recommendation on Coinbase Global Inc (NASDAQ:COIN), highlighting that upcoming U.S. crypto legislation could be a significant catalyst for the exchange.

The firm said the proposed CLARITY Act could reinforce Coinbase’s standing as the leading U.S. platform for traditional financial institutions looking to gain blockchain exposure.

Bank of America also underscored Coinbase’s recent approval – alongside Kalshi – to introduce perpetual futures products in the U.S., viewing this as an additional growth driver. The brokerage noted that the global perpetual futures market is estimated to be three to four times larger than the spot crypto market.

According to the brokerage, passage of the CLARITY Act could provide a near-term lift to trading activity and revenue, while a supportive regulatory backdrop under the Trump administration was seen as beneficial for the wider digital asset ecosystem.

However, legislative progress has slowed. Efforts to advance the CLARITY Act through Congress have largely stalled in recent weeks, amid ongoing clashes between crypto and banking lobbyists over stablecoins and yield-related payments.

Major Cryptocurrencies Trade Softer

Broader digital asset prices also moved lower on Wednesday, with the market largely tracking Bitcoin’s weakness.

Ether, the second-largest cryptocurrency by market value, slipped nearly 1% to $1,650.73, while XRP dropped 2%.

Solana and BNB recorded slight declines, and Cardano retreated 3.8%.

In the memecoin segment, Dogecoin fell 3.1%, and $TRUMP declined 2.5%.