CPI Report Ignites Crypto Market Rally Amid Broader Institutional Forces

The crypto market experienced a boost after the July US CPI report revealed inflation concerns were eased. The consumer price index increased 3.4% year over year, matching economists' forecasts and providing traders with more room to keep Federal Reserve rates steady.

BTC climbed 0.6% to $64,051 while Ethereum rose 1.5% to $1,909. Solana was up 0.8% and XRP increased by 0.2%. However, analysts pointed out that institutional ETF flows and blockchain settlement development were significant factors driving the market.

The data on ETF flows showed net inflows of 4,711 BTC in seven days for Bitcoin, totaling about $301.16 million. Ethereum ETFs also saw positive inflows, with 89,742 ETH carried an estimated value of $170.83 million.

New York Stock Exchange President Lynn Martin highlighted the exchange's ongoing development of onchain settlement infrastructure for tokenized securities. This move follows NYSE's participation in DTC's July tokenization pilot and enables eligible tokenized assets to trade alongside traditional shares.