Bitcoin has been knocking on the $80,000 door for months. CoinShares, the European digital asset investment firm, thinks it’s going to keep knocking for a while.
The firm’s latest outlook projects that Bitcoin will stay pinned below $80,000 until the Federal Reserve delivers a clear signal that monetary policy is loosening.
The inflow mirage
On the surface, recent fund flow data looks encouraging. Bitcoin-focused investment products pulled in $702 million as of July 18, a figure that includes $287 million from the prior week. More importantly, it snapped an eight-week outflow streak that had drained roughly $8 billion from Bitcoin funds.
The firm characterized the inflows as tactical rather than structural. Translation: investors saw softer inflation data, spotted what looked like a short-term opportunity, and moved some chips onto the table. They didn’t flip long-term bullish on Bitcoin. They placed a trade.
