Bitcoin Tops $65,000 as Traders Await US CPI Data, ETFs Pull In $854M Over Five Days
Bitcoin climbed above $65,000, according to CoinDesk, with the rally extending into a new August high heading into Sunday’s weekly close, according to Cointelegraph.
The move comes as traders position for US inflation data due this week, according to CoinDesk. MarketWatch’s economic calendar flags the July inflation report as the week’s key release. Cointelegraph reported that market sentiment has shifted toward pricing in a pause on Federal Reserve rate hikes as the CPI print approaches.
Spot bitcoin ETFs drew in $854 million over five trading days, according to Decrypt. Decrypt noted that daily inflows shrank as the week progressed, and analysts it cited are divided on whether the renewed institutional buying signals a lasting shift in demand or a temporary bounce tied to rate-hike expectations.
The inflation data due this week is expected to be a key input for the Fed’s next policy move, with both traditional and crypto markets positioning ahead of the release, according to CoinDesk and MarketWatch.
Sources: CoinDesk, MarketWatch, Cointelegraph, Decrypt
This article is for information only and is not financial advice.
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