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Bitcoin Near $65,000
Bitcoin climbed above $65,000 and was up nearly 3% over the week as a weak U.S. jobs report eased fears of further Federal Reserve rate hikes ahead of key inflation data on Wednesday.
“Bitcoin rose above $65,000 on Monday, up nearly 3% over the week”
CoinDesk said the upcoming U.S. consumer price report is the next major test for bitcoin, with July inflation data due Wednesday at 8:30 a.m. ET.
In the same snapshot, CoinDesk put ether near $1,919, BNB up 0.3% to $603, and Solana up 1% on the day to nearly $77, while XRP was the only large token in the red, slipping 0.4% to $1.03 and down 4% on the week.
CoinDesk also tied the broader risk backdrop to markets trading near a record, with the MSCI All Country World Index rising 0.1% and the Asian gauge up 0.6% after Friday’s soft jobs report sent the S&P 500 to a record.
Against that backdrop, CoinDesk noted Brent rose 1% to $84.40 a barrel after Iran rejected talks with the U.S. and a deal to reopen the Strait of Hormuz stayed out of reach.
Treasury Auctions as Test
KuCoin framed the next catalyst as a Treasury auction sequence totaling $125 billion from Aug. 11 through Aug. 13, with two inflation reports landing hours before the corresponding 10-year and 30-year sales.
KuCoin said the Treasury refunding plan starts with $58 billion of 3-year notes at 1 p.m. EDT on Aug. 11, continues with $42 billion of 10-year notes at the same time on Aug. 12, and ends with $25 billion of 30-year bonds on Aug. 13, with all three settling Aug. 17.
KuCoin also specified that about $96.3 billion will refinance privately held debt maturing Aug. 15, leaving approximately $28.7 billion of new cash to raise from investors.
For the timing, KuCoin pointed to the Bureau of Labor Statistics calendar placing July CPI at 8:30 a.m. EDT on Aug. 12, four and a half hours before the 10-year auction, and July PPI arriving at 8:30 a.m. the following day, the same interval before the 30-year sale.
KuCoin added that at the latest official business-day cutoff on Aug. 7, the Treasury’s par-yield curve showed 3-year, 10-year and 30-year yields at 4.25%, 4.65% and 5.19%, respectively.
ETF Inflows, Supply Pressure
London Business News said inflows into U.S. spot Bitcoin ETFs improved significantly, with U.S. spot Bitcoin ETFs recording approximately $853.54 million in net inflows between August 3 and 7, the strongest weekly figure since around mid-April.
“approximately $853.54 million in net inflows”
Even with that inflow, London Business News said BTC’s inability to stage a decisive breakout suggests the market is still lacking a strong enough catalyst to turn returning capital into a new bullish trend.
London Business News highlighted that BTC remained largely around $65,000 and had yet to break above the $65,000–$67,000 area, despite nearly $854 million flowing back into Bitcoin ETFs in one week.
The outlet also pointed to Strategy selling 1,638 BTC for approximately $104.7 million between late July and early August, reducing its Bitcoin holdings to just over 842,000 BTC.
London Business News concluded that new demand may be absorbed by supply from investors taking profits as prices recover, while markets still face U.S. economic releases this week, particularly CPI, PPI, and retail sales.
