When #CPI数据 $BTC fell back to around $64,000, people inside the crypto market could easily attribute the reason to corporate selling, crowded long positions in futures, or changes in ETF inflows. But external markets are also applying pressure.
On August 10, tensions surrounding the Strait of Hormuz pushed oil prices up by about 5%. Rising energy prices increase inflation uncertainty, and the US July CPI will be released at 20:30 Beijing time on August 12. Inflation, interest rates, and risk asset valuations are therefore being discussed together again.
That is the trouble with the current market: ETF inflows are creating structural demand, while oil prices and CPI are making short-term funds more cautious. My view is that the crypto market is not lacking positive catalysts tonight, but macro risk currently has the louder voice.
On August 10, tensions surrounding the Strait of Hormuz pushed oil prices up by about 5%. Rising energy prices increase inflation uncertainty, and the US July CPI will be released at 20:30 Beijing time on August 12. Inflation, interest rates, and risk asset valuations are therefore being discussed together again.
That is the trouble with the current market: ETF inflows are creating structural demand, while oil prices and CPI are making short-term funds more cautious. My view is that the crypto market is not lacking positive catalysts tonight, but macro risk currently has the louder voice.