Bitcoin slips as U.S. inflation fails to spark gains, ETFs see August's first two-day drawdown
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- Bitcoin dropped below $63,000 ($63,023.32), losing 1.14% since midnight UTC and falling to its lowest level since Aug. 3, wiping out last week's entire rally.
- Spot bitcoin ETFs recorded back-to-back outflows totaling $192 million—the first such streak since late July—according to SoSoValue data.
- U.S. equities rallied after producer price inflation cooled to 4.7%, below forecasts, lifting the S&P 500 and Nasdaq 100 while crypto markets lagged.
- Bitcoin Cash (BCH) futures saw the heaviest fresh shorting, with open interest rising 10% to 1.64 million tokens alongside a 3% spot drop and deeply negative annualized funding rates.
- HBAR posted the clearest bearish tilt among the top 25 coins, with funding rates around -20% and the most negative 24-hour cumulative volume delta.
- Bitcoin options on Deribit bucked the bearish tone: calls at the $70,000, $69,000, and $67,000 strikes ranked among the five most-traded bets even as spot fell.
- Ether.fi (ETHFI) rallied 11.5% after adding tokenized stocks and DeFi loans to its neobank platform, while Cosmos (ATOM) surged 10% on a 232% volume spike to $51 million with no clear catalyst.
Why it matters: The $192 million two-day ETF outflow breaks August's inflow streak and signals institutional de-risking into a week where traders are watching for a CPI catalyst. Notably, the bearish positioning is concentrated in altcoins like BCH and HBAR—BTC's funding rates stayed mildly positive and Deribit traders kept buying upside calls at $67K-$70K, suggesting a bounce trade is being positioned even as spot bleeds.
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