Crypto Market Hedges Ahead of Inflation Data Release
The crypto market is experiencing a relatively calm day on August 10, with Bitcoin (BTC) and Ethereum (ETH) trading in a narrow range. BTC is stuck between $64,700 and $65,300, while ETH defends its support level at $1,900.
However, Solana (SOL) has deviated from the trend and reached a two-week high of $77 ahead of the US inflation data release on August 12. Analysts expect inflation to drop slightly, which could impact the Federal Reserve's decision to raise or trim interest rates at its September meeting.
The lack of meaningful price movements across the market comes as investors wait for the US CPI print on August 12. MarketWatch reports that analysts anticipate inflation to decrease from 3.5% in June to 3.4% in July.
Rising institutional demand, driven by increasing inflows into crypto exchange-traded funds (ETFs), is also contributing to the market's stability. Weekly inflows to Ethereum ETFs reached $244 million between August 3 and August 7, the highest since April.