Crypto Market Surges on US CPI Report, But Bigger Forces at Play
The crypto market experienced a surge in prices following the release of the July US Consumer Price Index (CPI) report, which matched economists' expectations and eased inflation concerns.
Bitcoin's price rose by 0.6% to $64,051, while Ethereum increased by 1.5% to $1,909. Other major altcoins like Solana gained 0.8%, and XRP rose by 0.2%.
Analysts pointed out that institutional capital entering crypto exchange-traded funds (ETFs) and growing adoption of blockchain-based settlement systems were driving forces behind the market's rise, rather than just the CPI report.
The data showed that seven-day Bitcoin ETF flows remained positive, with net inflows of 4,711 BTC ($301.16 million), while Ethereum ETFs recorded one-day net inflows of 3,823 ETH ($7.28 million) and seven-day inflows of 89,742 ETH ($170.83 million).