Inflation Surprise Hit Bitcoin $115K, ETF Flows Shift
US PPI inflation data rise 3.3% year-on-year for July, surprise market and push dollar high. Strong inflation numbers dash hope for Fed rate cut in September and cause crypto risk-off move. Bitcoin price fall 2% to about $115,000, Ethereum slide over 3% to around $4,272, XRP drop 4%. Crypto Fear & Greed Index stand at 56, show neutral feeling.
Experts say investors dey cautious as traders wait new catalysts. Kronos Research CIO Vincent Liu talk government no wan add Bitcoin to reserves dey weigh down sentiment, while BTC Markets analyst Rachael Lucas point to technical support at $115,000 and $112,500, warn say if break, price fit test $110,000. Spot Bitcoin ETF flows mixed: BlackRock’s IBIT get net inflows, Grayscale and ARK products record outflows. Traders now dey focus on upcoming US jobless claims and Fed’s Jackson Hole Symposium for clear guidance. Longer-term ETF inflows and possible dovish Fed talk fit revive Bitcoin price.
Bearish
Di kain inflation surprise and di stronger US PPI data dey bring bearish effect for Bitcoin price short term as e dash hope for Fed rate cut, strengthen di dollar, plus make people dey fear risk. Di 2% drop to $115K plus mixed ETF flows show say market dey cautious. For di longer term, di ongoing ETF inflows and wetin fit happen for Jackson Hole Symposium with dovish talk fit make di market stable and even support recovery, but di immediate market response still dey negative without clear Fed guidance.