Key Takeaways

• Bitcoin barely moves: The world’s largest crypto edged up 0.5% to $62,673.2, keeping just above annual lows in a tight trading range.
• Tech rout keeps risk appetite suppressed: This week’s wipeout in chipmaking and AI stocks left investors skittish toward crypto — even as capital rotated out of tech equities.
• Higher-for-longer rates persist: Hawkish Fed signals from last week continue to weigh; PCE inflation data due this week will provide more rate path cues.
• Seven straight weeks of ETF outflows: Spot Bitcoin ETFs are headed for their longest consecutive outflow streak, though the pace has moderated.
• No reversal in sight: Outflows have slowed but show few signs of turning into inflows.
• AI rotation continues: Capital continues flowing from crypto into AI-exposed equities with clearer fundamental backing.
• BofA reiterates Buy on Coinbase: The brokerage said the proposed CLARITY Act could be a major catalyst, strengthening Coinbase’s position as the top U.S. partner for traditional financial institutions seeking blockchain exposure.
• Perpetual futures approval a growth driver: Coinbase and Kalshi received approval to launch perpetual futures in the U.S. — a market three to four times larger than the spot crypto market globally.
• Trump administration supportive: A favorable regulatory environment continues to provide broader industry tailwinds.
• CLARITY Act stalled in Congress: Ongoing sparring between crypto and banking lobbyists over stablecoins and yield payments has slowed legislative progress.
• Ether adds 1%: To $1,667.73; XRP fell 0.5%.
• Solana and BNB edge up: Modest gains for both.
• Cardano sheds 1.4%: Underperforming the broader market.
• Memecoins quiet: Dogecoin slipped 0.2%; $TRUMP was flat.

Bitcoin traded roughly flat on Wednesday, steadying after logging losses in recent sessions as continued concerns over high U.S. interest rates and waning investor interest kept cryptocurrency markets largely on the back foot.

The world’s largest crypto edged up 0.5% to $62,673.2 by 05:49 ET (09:49 GMT).

A wipeout in technology and chipmaking stocks this week kept investors largely skittish toward risk-driven assets, leaving crypto with few bids even though investors pivoted out of high-flying technology stocks.

Markets remained on edge over higher-for-longer U.S. interest rates after hawkish signals from a Federal Reserve meeting last week. PCE price index data due this week is expected to offer more cues.

Bitcoin Treads Water; ETF Outflows Continue

Bitcoin traded in a tight range over the past week, keeping just above annual lows amid a dearth of positive cues for crypto markets.

Pressure on crypto prices also came from continued capital outflows from spot exchange-traded funds, which were now headed for their seventh consecutive week of outflows.

While the pace of outflows has slowed in recent weeks, it has shown few signs of reversing into capital inflows.

AI-exposed assets — specifically equities — were seen garnering increased investor interest, drawing capital out of crypto and into sectors with more clearly defined fundamentals.

CLARITY Act a Major Catalyst for Coinbase — BofA

Bank of America reiterated its “Buy” rating on Coinbase Global, saying upcoming U.S. crypto legislation could be a major catalyst for the exchange operator.

The brokerage said the proposed CLARITY Act could strengthen Coinbase’s position as the top U.S. partner for traditional financial institutions seeking blockchain exposure.

BofA also pointed to Coinbase’s recent approval — alongside Kalshi — to launch perpetual futures products in the United States as a growth driver, noting the global perpetual futures market is three to four times larger than the spot crypto market.

The brokerage said passage of the CLARITY Act could give trading volumes and revenue a near-term boost, with a favorable regulatory environment under the Trump administration continuing to support the broader crypto industry.

But efforts to pass the CLARITY Act through Congress have largely stalled in recent weeks, amid continued sparring between crypto and banking lobbyists over stablecoins and yield payments.

Crypto Price Today: Altcoins Dither Amid Few Trading Cues

Broader crypto prices saw little movement on Wednesday.

Ether, the world’s second-largest cryptocurrency, added 1% to $1,667.73, while XRP fell 0.5%.

Solana and BNB rose slightly, while Cardano shed 1.4%.

Among memecoins, Dogecoin slipped 0.2% and $TRUMP traded flat.