Bitcoin held near $63,800 early Thursday after July inflation data matched forecasts without sparking a rally. Hyperliquid led major-cap gains, spot Bitcoin ETFs saw further outflows, and traders now look to Thursday's producer price report and the run-up to the Federal Reserve's September meeting.
Bitcoin traded near $63,800 early Thursday, Aug. 13, after a U.S. inflation report landed largely in line with expectations and failed to give crypto markets fresh momentum. The token had briefly climbed above $65,000 ahead of the release, but repeated attempts to hold above that level fell short.
Inflation data leaves Bitcoin pinned below $64,000
July headline consumer prices rose 0.1% from June and 3.4% from a year earlier, while core CPI increased 0.2% monthly and slowed to 2.5% annually. The figures matched economists' expectations closely enough that futures markets lowered the implied odds of a September rate hike to roughly 40% from 54% before the release. Asian equities reacted more positively than crypto did. Bitcoin, however, stayed muted, suggesting the report removed a downside risk without supplying new demand for another run toward $65,000.
HYPE leads gainers as the broader market splits
Major tokens traded in a mixed pattern rather than moving uniformly lower. Hyperliquid stood out as the top large-cap performer, gaining roughly 4% to 5% over 24 hours to trade near $57. Crypto.news placed the total market capitalization near $2.27 trillion, with Bitcoin accounting for about 56.6% of it.
Bitcoin ETF outflows contrast with Ether demand
U.S. spot Bitcoin ETFs recorded $61.1 million in net outflows on Aug. 12, with Fidelity's FBTC responsible for $46.8 million of redemptions and BlackRock's IBIT losing $14.3 million. Ether funds moved the opposite way, as spot Ether ETFs attracted $7.4 million, entirely through BlackRock's ETHA. The divergence followed $144.6 million of Bitcoin ETF outflows two days earlier and a modest $7.8 million inflow the following session, interrupting a stretch that had brought in $763.6 million over four consecutive inflow days.
What comes next for Bitcoin
The U.S. Federal Reserve will weigh July producer price data due later Thursday, then the Jackson Hole Economic Policy Symposium running Aug. 27 to 29. August employment figures follow on Sept. 4 and August CPI on Sept. 11, giving policymakers two more data points before the Fed's Sept. 15 to 16 meeting. Inflation has not delivered a fresh shock, but ETF demand has softened and $65,000 remains out of reach for now.
Source: crypto.news
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