Bitcoin traded near $63,800 early Thursday, Aug. 13, as crypto markets struggled to build momentum from a U.S. inflation report that came largely in line with expectations.
Summary
- Bitcoin traded near $63,800 as July inflation matched forecasts and failed to ignite fresh momentum.
- Hyperliquid led large-cap gains, while Velvet topped CoinMarketCap’s top-100 movers with a 23.76% surge Thursday.
- Bitcoin ETFs posted $61.1 million in outflows, while Ether ETFs attracted $7.4 million of inflows.
- July consumer prices rose 0.1% monthly and 3.4% annually, matching economists’ expectations for headline inflation.
- U.S. producer prices arrive Thursday before Jackson Hole, September jobs data, inflation, and Fed meeting.
The largest cryptocurrency was little changed over the latest 24 hour period when checked around 06:20 UTC, after trading as low as roughly $63,200 during the previous session. crypto.news placed the broader crypto market capitalization near $2.27 trillion, with Bitcoin accounting for about 56.6% of the market.
Bitcoin briefly climbed above $65,000 ahead of the inflation report, but repeated attempts to establish a stronger move above that region failed. The loss of an immediate regulatory catalyst has also remained in the background after the Senate pushed the CLARITY Act process into September.
Bitcoin price stays muted after U.S. inflation data
July consumer inflation provided some relief without triggering a sustained crypto rally. The BLS reported that headline consumer prices rose 0.1% from June and 3.4% from a year earlier. Core CPI, which excludes food and energy, increased 0.2% monthly and slowed to 2.5% annually.
The figures matched economists’ headline expectations closely enough to reduce fears of another near term Federal Reserve increase. Reuters reported that futures markets lowered the implied probability of a September rate hike to roughly 40% from 54% before the release. Asian equities responded more positively than crypto, with the MSCI Asia Pacific index rising about 1% and South Korea’s Kospi gaining more than 4%.
Bitcoin, however, remained pinned below $64,000. The muted response suggests the inflation reading removed one downside risk without supplying the new demand needed for another run toward $65,000.
HYPE leads major coins as top gainers and losers split
Major cryptocurrencies were mixed rather than uniformly lower by Thursday morning. crypto.news showed Ether around $1,890, BNB near $611, XRP at $1.01 and Solana close to $76. TRON traded around $0.338, while Dogecoin changed hands near $0.0707. Cardano was about $0.184 and Chainlink traded near $8.74.
Hyperliquid was the clear large cap outperformer. HYPE traded around $57 and gained roughly 4% to 5% over 24 hours depending on the data venue. That continued a recovery already visible last week, when HYPE rebounded from roughly $51 toward the $57 area.
The moves were more pronounced further down the market. CoinMarketCap ranked Velvet as the best performer among its top 100 cryptocurrencies, up 23.76% to about $0.70. Virtuals Protocol followed with a 9.86% gain to $0.596, while OKB rose 9.19% to roughly $104. Mantle gained 5.99%, followed by HYPE at 4.68%.
Audiera led the other side of the table with a 15.74% decline. Curve DAO Token fell 7.42%, Official Trump lost 5.75%, Uniswap dropped 5.55% and Pepe declined 4.34%. Dogecoin was also among the top 100 losers, falling about 2.1%.
Bitcoin ETF outflows contrast with Ether demand
U.S. exchange traded fund flows offered another reason for Bitcoin’s subdued performance. Spot Bitcoin ETFs recorded $61.1 million in net outflows on Aug. 12, according to Farside. Fidelity’s FBTC accounted for $46.8 million of redemptions, while BlackRock’s IBIT lost $14.3 million.
Ether funds moved in the opposite direction. U.S. spot Ether ETFs attracted $7.4 million, entirely through BlackRock’s ETHA, while every other listed fund recorded zero net flow for the session. The divergence followed $144.6 million of Bitcoin ETF outflows on Aug. 10 and a modest $7.8 million inflow the following day.
The latest redemptions also interrupted a stronger period of institutional Bitcoin demand. In related coverage, four consecutive Bitcoin ETF inflow sessions previously brought in $763.6 million before flows weakened this week.
What could move Bitcoin next?
The immediate U.S. test arrives later Thursday. The BLS will release July producer prices at 8:30 a.m. ET on Aug. 13. A large surprise could again alter expectations for the Federal Reserve’s Sept. 15 to 16 meeting.
Attention then shifts to the Jackson Hole Economic Policy Symposium on Aug. 27 to 29. This year’s event focuses on financial innovation, payments and policy. The August employment report follows on Sept. 4, while August CPI arrives Sept. 11, giving policymakers two major data releases before the September meeting.
Brent crude was also back below $90 early Thursday after its recent advance, trading near $88.50 as weaker demand forecasts offset continuing Middle East supply concerns.
For Bitcoin, that leaves several competing forces. Inflation has not produced a fresh shock, but ETF demand has softened and $65,000 remains difficult to reclaim. The next PPI, employment and inflation readings will determine whether expectations continue shifting toward a Fed pause before September’s decision.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
