INSIGHT: The Fed held rates at 3.50–3.75% in July, with three dissents pushing for a hike. Weak July payrolls (-23K vs +83K expected, plus a 103K downward revision) pulled 2-year yields lower and the dollar softer — yet BTC couldn't hold gains above $65,300. That disconnect is the story: Bitcoin is behaving less like risk-on and more like a liquidity-sensitive collateral asset.