Bitcoin Slides to $62,104 as Crypto Majors Post Broad Session Losses; SOL Leads Declines

Bitcoin closed Wednesday's session at $62,104, down 2.0% on the day, with the broader crypto complex following lower as Solana slid 4.3% and Ether fell to $1,736. The move pared bitcoin's weekly performance to -0.6%, though the 30-day tape remains up 13.7%, suggesting profit-taking within a still-constructive trend.

Market Overview

Crypto majors sold off across the board Wednesday, with Bitcoin ending at $62,104 after a 2.0% decline and Solana leading the downside at -4.3% ↓. Ether closed at $1,736.10, while XRP gave back 2.1% to $1.09. The synchronized red tape trimmed weekly gains but left 30-day performance intact for every major — BTC +13.7%, SOL +15.6%, XRP +8.4%, ETH +3.7% — pointing to profit-taking rather than a structural shift.

Asset Price Analysis

Bitcoin's session low tested the mid-$61,000s before the tape stabilized into the close at $62,104. The $62,000 handle now sits as the near-term pivot; a failure to defend it would open the door back toward $60,000, a level that acted as support through late June. On the upside, $64,000 caps the recent range.

Solana was the standout laggard, shedding 4.3% to $77.14 despite still holding a 9.2% weekly gain — the sharpest single-day give-back among majors this month. The move is consistent with position trimming after SOL's June run rather than a trend break, though the coin has now underperformed BTC on the day for the second session running.

Ether's slide to $1,736 extended its weekly loss to 3.7%, leaving ETH as the weakest 7-day performer among the four majors. The ETH/BTC ratio drifted lower again, a pattern that has persisted through most of Q2. XRP's 2.1% pullback to $1.09 held broadly in line with the complex.

ETF Flows Context

Wednesday's issuer flow data has not yet settled and will be reported in tomorrow's pre-market brief. The most recent settled session — Tuesday, July 7 — logged +$60.9M ↑ in net inflows across spot crypto ETFs, according to InflowScan data, providing a modestly constructive backdrop into today's selloff.

Tuesday's flows were led by BlackRock's IBIT at +$54.9M ↑ and ETHA at +$27.1M ↑, with Bitwise's BSOL adding +$8.4M ↑. Redemptions concentrated in Fidelity's FBTC at -$25.0M ↓ and ARK's ARKB at -$8.5M ↓. The IBIT-versus-FBTC split — a $79.8M gap on the BTC side alone — points to continued issuer rotation into BlackRock's product rather than net exposure changes.

IBIT: +$54.9M ↑
ETHA: +$27.1M ↑
BSOL: +$8.4M ↑
FBTC: -$25.0M ↓
ARKB: -$8.5M ↓

XRP fund coverage on Tuesday came in at 8 of 9 funds reporting; the remaining issuer (XRPK) is still settling.

Stablecoin Flows

USDT supply contracted by $1.18B over the past 24 hours to $183.0B, according to InflowScan data — the sharpest single-day drawdown in the tether float in several weeks. USDC printed a modest +$174M mint to $73.4B. The net stablecoin picture, dominated by the USDT burn, is consistent with capital stepping off-venue during the session's risk-off tone rather than rotating between dollar tokens.

Outlook

Attention Thursday shifts to whether Wednesday's ETF flows — reported at the open — confirm the price action or diverge from it. A sixth straight session of BTC inflows into IBIT against a red tape would fit the recent pattern of issuer accumulation running independent of spot price. A flip to net outflows across the complex would mark the first meaningful demand crack of July.

Levels to watch: BTC $62,000 as near-term pivot with $60,000 as the deeper support shelf; ETH $1,700 as the round-number floor after Wednesday's 2% give-back; SOL $75 as the retest level following the sharpest single-day drop of the month.