Bitcoin Fails to Bounce Off Macro Data Amid Lacking Buyer Demand
The recent combination of weak US jobs data and positive macroeconomic indicators failed to boost Bitcoin's price, which remains stuck below $65,000. The asset briefly touched this level after the jobs report but quickly retreated, and its price has since declined by around 2% on a weekly basis.
Despite the encouraging CPI and PPI reports from last week, which showed prices in line with expectations, Bitcoin failed to capitalize on the positive sentiment. Treasury yields declined, while US equities posted gains, but these developments did not translate into upward momentum for BTC.
CryptoQuant's analysis suggests that the lack of price action may be due to a simple problem: a shortage of buyers in the spot market. The absence of significant inflows into US BTC ETFs and weak spot trading volumes have contributed to this stagnant market.
The Coinbase Premium Index has been negative for three months, currently sitting at around -0.1%. Additionally, the seven-day average spot trading volume across major exchanges dropped by 55% between late June and August 12, despite a corresponding 8% price increase during the same period.