CoinShares Head of Research James Butterfill said bitcoin's difficult near-term outlook is not fundamentally bearish. Bitcoin recently traded at $81,473, down 2% over seven days, after stronger-than-expected inflation data this week. Butterfill said inflation remains too elevated for Federal Reserve easing, while the economy remains too resilient to force a policy change. Higher inflation could prompt interest-rate increases, and higher borrowing costs can restrict liquidity needed for a bitcoin rally. Butterfill advised investors to remain patient and base digital asset exposure on long-term strategic allocations rather than individual weekly data releases.