Bitcoin Stuck at $63,000 as S&P 500 Hits New Record
The S&P 500 reached an all-time closing high of 7,798.99 on Thursday, but Bitcoin failed to capture any of the risk appetite in the market.
The producer price index in the US came in flat for July, and the 10-year Treasury yield slipped to 4.64%, while Brent crude dropped by 2.1%.
Despite this favorable macro setup, Bitcoin remained pinned at $63,347.73, only a few hundred dollars above its recent band. This has been a persistent trend for over a month, with the Median Realized Price of Bitcoin identified as $63,000 by Glassnode.
The thin order book and decreased visible buy-order depth are also contributing factors to Bitcoin's stagnation. Spot exchange volume denominated in BTC has dropped to its lowest level since early 2019, according to Glassnode.