Bitcoin slips as U.S. inflation fails to spark gains, ETFs see August's first two-day drawdown
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- Bitcoin fell below $63,000 to $62,788.76, losing 1.14% since midnight UTC and wiping out last week's entire rally, trading at its lowest point since Aug. 3.
- Spot bitcoin ETFs recorded $192 million in back-to-back outflows — the first consecutive days of outflows since late July, according to SoSoValue.
- U.S. equities rallied after producer price inflation cooled to 4.7% (below forecasts), lifting the S&P 500 and Nasdaq 100, yet crypto markets lagged behind.
- Bitcoin Cash (BCH) saw the heaviest fresh shorting, with open interest jumping 10% to 1.64 million tokens as spot fell 3% and annualized funding rates went deeply negative.
- HBAR showed the clearest bearish tilt among the top 25 coins, posting the most negative 24-hour cumulative volume delta and funding rates around -20%.
- Bitcoin volatility cooled as the BVIV index fell back below 36%, erasing a spike to nearly 39% earlier in the week and signaling investor interest in yield overwriting strategies.
- Ether.fi (ETHFI) rallied 11.5% after adding tokenized stocks and DeFi loans to its neobank platform, though it gave back some gains Friday with a 3.3% drop.
Why it matters: Bitcoin failing to rally alongside equities after a cooler PPI print underscores crypto's growing disconnection from macro tailwinds, and the first back-to-back ETF outflows since late July remove a demand pillar at the exact moment derivatives data show fresh bearish positioning building in BCH and HBAR.
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