Bitcoin Holds Steady at $64K Amid Dovish Fed and Crypto Policy Report Anticipation

Bitcoin's price showed resilience on July 29, holding steady near $64K despite a complex market environment. The U.S. Federal Reserve's decision to hold interest rates steady at 3.50%-3.75% and adopt a more dovish stance on future rate trajectory provided a supportive macroeconomic backdrop for risk-on assets like cryptocurrencies.

However, this positive sentiment was counterbalanced by persistent outflows from Bitcoin spot Exchange-Traded Funds (ETFs), which have shed over $526 million in four days. These outflows signal institutional caution and potential profit-taking among investors.

In contrast to Bitcoin's outflows, Ethereum ETFs have been attracting fresh capital, with inflows of 37,959 ETH for the week ending July 29. This trend suggests a rotation within the crypto asset class, with investors exploring alternatives.

The market is now awaiting the release of the White House's President's Working Group on Digital Asset Markets crypto policy report, expected to provide fresh regulatory guidance and possibly propose a strategic Bitcoin reserve. The report is scheduled for July 30 and could have profound implications for Bitcoin's role in the broader financial system and institutional adoption.