Crypto Market Today, July 31: Bitcoin Slides Below $63,000 and Coinbase Tumbles 10%

Bitcoin dropped 2.9% to $62,929 on July 31, dragging Ethereum and Solana lower as Federal Reserve rate hike speculation and disappointing earnings from Coinbase rattled crypto markets. Coinbase shares tumbled 10% following its quarterly report, adding to sector-wide pressure. Concerns over stalled crypto legislation in Congress compounded the negative sentiment.

Despite the weakness in spot prices, spot Bitcoin ETFs attracted $233 million in inflows during the session, signaling continued institutional interest even as retail sentiment wobbled. The inflows contrast sharply with the broader market selloff and suggest underlying demand remains intact below $63,000. Crypto sentiment has improved from June lows, though uncertainty around Federal Reserve policy and regulatory pathways continues to weigh on the sector.

The divergence between ETF flows and spot price action highlights a market caught between institutional accumulation and macro headwinds. Rate hike fears remain the primary overhang, while Coinbase's earnings miss raises questions about exchange revenue in a choppy trading environment.