Bitcoin rose 4.4% to $65,000 this week as softer June inflation data lifted crypto sentiment, while the Nasdaq Composite fell 2.9% and the S&P 500 declined 1.6%. The crypto market gained 1.7% to $2.31 trillion, according to data from DWF Labs, signaling a brief break from its typical correlation with U.S. equities. The divergence occurred as geopolitical tensions between the U.S. and Iran intensified and chipmakers sold off, creating pressure on traditional stock markets while digital assets showed resilience.
Bitcoin Climbs to $65,000 as June Inflation Data Supports Crypto
Bitcoin jumped 4.4% to about $65,000 after June inflation came in below expectations. According to data from DWF Labs, total digital asset market value rose 1.7% to $2.31 trillion. By comparison, the S&P 500 fell 1.6%, while the Nasdaq Composite lost 2.9%.
Bitcoin later slipped toward $62,000 as tensions between the U.S. and Iran intensified, before recovering to $65,011 as of July 23, 10:15 EDT. Ether followed a similar path, climbing from $1,774 to $1,890 after the inflation report, then advancing to about $1,900.
Sentiment also improved after the White House approved an ethics compromise tied to the CLARITY Act. The agreement removed a months-long obstacle and opened a potential route for the crypto market structure bill through the Senate.
Fed Rate Hold Priced at 75% Probability Ahead of July 29 Meeting
The inflation data pushed the 10-year Treasury yield toward 4.60% and lifted the dollar index near 101. Markets assigned roughly a 75% chance that the Federal Reserve would hold rates at its July 29 meeting.
Oil Markets Reach $90.70 on Strait of Hormuz Disruption
Brent crude surged to $90.70 a barrel as the conflict disrupted traffic through the Strait of Hormuz. It later eased into the mid-$80s. Prices remain below May's $114 peak but well above the $71 level seen at the start of July.
Funding on Hyperliquid's WTI oil perpetual contract briefly reached an annualized 184% as traders rushed into long positions. Oil volatility was about 3.2 times higher than equity volatility.
Bitcoin Futures Open Interest Rises to $51.12 Billion
Bitcoin volatility remained close to one-year lows despite the macro shock. Deribit's DVOL readings stayed near the bottom of their annual range, even as equity and bond volatility increased.
Bitcoin futures open interest rose 3.4% to $51.12 billion. Long positions increased to 52.1% of the market, while Binance funding averaged about 9% annualized.
U.S. Spot Bitcoin ETFs Record Seven Consecutive Inflow Days Through July 22
U.S. spot bitcoin funds recorded seven consecutive trading days of inflows through July 22, their strongest streak since early May. Cumulative net flows reached $51.8 billion. Ether funds attracted $196 million over the same period, lifting total net inflows to $11.2 billion.
FAQ
What happened to Bitcoin prices this week?
Bitcoin rose 4.4% to $65,000 after June inflation data came in below expectations. The price later slipped toward $62,000 as U.S.-Iran tensions intensified, before recovering to $65,011 as of July 23, 10:15 EDT.
How did crypto markets perform compared to U.S. stocks?
The crypto market gained 1.7% to $2.31 trillion according to DWF Labs data, while the S&P 500 fell 1.6% and the Nasdaq Composite lost 2.9%, signaling a brief break from the typical correlation between digital assets and U.S. equities.
What is the current Bitcoin futures open interest?
Bitcoin futures open interest rose 3.4% to $51.12 billion, with long positions increasing to 52.1% of the market and Binance funding averaging about 9% annualized.
