Bitcoin (CRYPTO: BTC) has failed to capitalize on favorable U.S. inflation data due to continuously weak spot demand, even as on-chain metrics suggest the market is approaching capitulation territory.
Good Macro News, Weak BTC
Bitcoin remains stuck around $63,000 to $64,000 despite in line July inflation data that would typically provide a tailwind for risk assets.
In an X post on Aug.14, CryptoQuant analysts attributed the muted reaction primarily to weak spot demand.
Currently at negative 0.1%, the Coinbase Premium Index has remained mostly negative since May. It signals limited buying pressure from U.S. investors.
