Bitcoin and Ether Slide Together as Traders De‑Risk Ahead of Fed Meeting

On July 28, the crypto market turned risk‑off, with both Bitcoin (BTC) and Ethereum (ETH) heading lower over the previous 24 hours. Market data show BTC down roughly 2.8% to about $63,600, while ETH dropped more than 4% to the high‑$1,800s. The pullback coincides with growing caution ahead of the July 28–29 FOMC meeting, as traders reassess how long U.S. interest rates might stay elevated and trim exposure to risk assets across the board.

Spot bitcoin ETFs, which had previously been a major driver of inflows, are seeing more subdued activity, with small and choppy flows reflecting an indecisive investor base. Macro uncertainty linked to Middle East tensions and volatile energy prices is also weighing on sentiment, making it harder for equities, bonds and digital assets to establish a clear trend. From a technical perspective, the key question is whether Bitcoin can defend support in the low‑$60,000 area; a decisive break could trigger broader selling across altcoins as well. Many short‑term traders are reducing leverage and waiting for the Fed outcome before taking fresh directional bets.