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Bitcoin tops $65,000 as investors react to softer U.S. inflation data

U.S. spot bitcoin ETFs pulled in about $181 million on Tuesday after a prior day of roughly $425 million in outflows, while ether ETFs added about $58 million, according to SoSoValue.

Reported · Written up by our desk · Market Structure

Bitcoin rose above $65,000, marking a level not seen for several weeks, as traders reacted to signs inflation may be easing further. CoinDesk linked the move to commentary from New York Fed President John Williams, who said there are encouraging reasons to expect inflation has peaked and should edge down in coming quarters, along with softer U.S. producer price data.

U.S. June PPI fell 0.3% versus expectations for a flat reading, after May’s 0.6% increase. On a year over year basis, PPI rose 5.5% versus forecasts for 6.2%, while core PPI, excluding food and energy, rose 0.2% in June and 4.7% year over year, both below consensus expectations, according to CoinDesk.

CoinDesk also reported that the rally coincided with broader market moves, including Nasdaq 100 futures up 0.5% and the U.S. 10-year Treasury yield easing to 4.58% from 4.61%, with the 2-year yield down to 4.17% from 4.21%. Bitcoin was trading around $64,800, up 2.1% over the prior 24 hours.

On crypto flows, CoinDesk said U.S. spot bitcoin ETFs took in about $181 million on Tuesday, after shedding roughly $425 million on Monday, based on SoSoValue data. Ether ETFs added about $58 million, the outlet reported.

Latest closeBitcoin $65,444.56 ▲0.8%|Nasdaq Comp. 26,107.01 ▲0.9%

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