Bitcoin Holds $61,750 as Altcoins Slide; SOL Off 2.6%, XRP Down 3.4% in Wednesday Session

Bitcoin closed Wednesday's session at $61,750, essentially unchanged on the day, while Ethereum slipped 0.6% to $1,628.52. Selling pressure concentrated in the altcoin complex, with Solana off 2.6% to $63.24 and XRP down 3.4% to $1.10. Stablecoin supply contracted nearly $1 billion, pointing to mild risk reduction across the session.

Market Overview

Bitcoin spent Wednesday locked around the $61,750 handle, closing fractionally higher at +0.1% ↑ while the rest of the majors leaked. Ethereum gave back -0.6% ↓ to $1,628.52, Solana shed -2.6% ↓ and XRP dropped -3.4% ↓. The split — BTC flat, alts soft — is consistent with rotation out of higher-beta names rather than a broad de-risking, particularly with BTC still holding a +13.7% ↑ 30-day gain.

Asset Price Analysis

Bitcoin's range was narrow. The 7-day tape sits -0.6% ↓, but the asset has held the $60K handle through three sessions of altcoin chop. Resistance sits at the $64K area that capped early-June price action; support at $60,000 round-number psychology.

Ethereum is the weaker majors story. At $1,628.52, ETH is down -3.7% ↓ over the week and trades at the lower end of its early-June range. The ETH/BTC cross has continued to grind lower — a pattern that's persisted since mid-May.

Solana, despite Wednesday's decline, remains the strongest of the four over 30 days at +15.6% ↑. XRP closed at $1.10; the 3.4% drop snaps a stretch of relative outperformance and brings the token back to the middle of its weekly range.

Stablecoin Pulse

USDC supply contracted by roughly $982M over 24 hours to $75.1B, according to InflowScan data, while USDT was essentially flat at $186.8B. The USDC drawdown is the larger single-day move in either direction this week and is consistent with redemption rather than active deployment into spot — a read that lines up with the soft tape in alts.

Prior-Session ETF Flow Context

Issuer reports for Wednesday's session have not yet been published. The most recent settled session, Tuesday, June 9, showed -$61.8M ↓ in net outflows across the complex, according to InflowScan data, with partial coverage across asset classes — 10 of 12 BTC funds, 6 of 9 ETH funds, 9 of 11 SOL funds, and 8 of 9 XRP funds reported, with the remaining issuers still settling.

BlackRock's IBIT led the redemption side at -$63.3M ↓, with Fidelity's FBTC at -$20.7M ↓ and Grayscale's ETHE at -$17.7M ↓. Inflows skewed to Ethereum: Fidelity's FETH absorbed +$28.6M ↑, the largest single-fund add. The 30-day cumulative figure remains in net inflow territory at +$24.7M, a thin cushion that suggests the recent outflow stretch has nearly fully retraced the prior month's accumulation.

The IBIT-led redemption alongside FETH accumulation points to issuer-specific repositioning within the BTC complex rather than a clean directional signal — a pattern worth watching when Wednesday's data settles overnight.

Outlook

Key levels to watch into Thursday: BTC support at $60,000 and resistance at $64,000; ETH's defense of $1,600 round-number psychology. Wednesday's settled ETF flow data will publish Thursday morning — whether the IBIT redemption pattern from Tuesday extends will frame the early read. On the stablecoin side, a second consecutive day of USDC contraction would strengthen the rotation-out-of-spot read; a reversal would weaken it.