Bitcoin hovered near Rs. 59.6 lakh on Monday as the cryptocurrency market stayed under pressure despite ongoing accumulation by large holders, with soft US spot Bitcoin ETF inflows and a typically quiet August weighing on sentiment. Ethereum traded close to Rs. 1.76 lakh, reflecting limited movement in the wider market. Observers pointed out that lower oil prices have reduced some inflation worries, yet uneven ETF demand and quiet spot trading continue to cap any rebound. CoinMarketCap data showed BTC at $62,600 (roughly Rs. 59.5 lakh) and Ethereum at $1,852 (roughly Rs. 1.76 lakh).

The leading cryptocurrency fell 1.32 percent over the past day, according to the Gadgets 360 price tracker. Analysts noted that investors are monitoring this week's US economic releases and the August 7 jobs report, while Bitcoin's ability to retake the $64,000-$65,000 zone stays central to lifting overall sentiment.

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Major altcoins showed mixed moves on Monday.

Binance Coin stood around $581.87 (roughly Rs. 55,374), while Solana traded near $72.79 (roughly Rs. 6,927). XRP moved around $1.06 (roughly Rs. 101), and Dogecoin was close to $0.070 (roughly Rs. 6.6), pointing to selective interest among large-cap tokens.

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Commenting on the conditions, Akshat Siddhant, Lead Quant Analyst at Mudrex, said, “Bitcoin closed July with a gain of more than 7.3 percent, ending a two-month decline, while US spot Bitcoin ETFs saw net inflows of $172.4 million (roughly Rs. 1,641 crore) for the month. Even after the positive finish, caution persists because August has historically been Bitcoin's weakest month, posting a median return of -6.99 percent. At the same time, large holders keep adding positions, with whale wallets purchasing over 40,100 BTC.”

Offering a wider view, Vikram Subburaj, CEO of Giottus.com, said, “Lower oil prices have eased some inflation worries, but patchy US spot Bitcoin ETF flows and weak spot-market activity continue to restrict recovery. Investors should prefer staggered purchases, limited leverage and careful position sizing until Bitcoin moves past $64,000 (roughly Rs. 60.89 lakh) with stronger ETF and spot support.”

Discussing recent trends, Nischal Shetty, Founder of WazirX, said, “Ethereum ETFs drew $365 million (roughly Rs. 3,473 crore) in July, showing steady institutional interest despite price swings. XRP funds attracted $27.29 million (roughly Rs. 260 crore) last month, extending their inflow run to four months and bringing total inflows near $1.5 billion (roughly Rs. 14,273 crore). Tokenised stock and ETF trading hit a record $11.3 billion (roughly Rs. 1,08,142 crore), underscoring growing use of blockchain market tools.”

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Overall, analysts noted that lower oil prices and continued whale buying are supporting the crypto market. Still, uneven ETF flows and upcoming US data releases keep investors cautious. Bitcoin's capacity to reclaim the $64,000-$65,000 (roughly Rs. 60.9 lakh-Rs. 61.8 lakh) zone and draw stronger institutional interest is seen as key to the next market move.

Bitcoin Holds Near $64,000 as Slowing US Inflation Fails to Lift ETF Demand

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