Fed Holds Rates Steady, Bitcoin Prices Under Pressure as US Demand Falters

CryptoQuant analyst Novaque Research stated that despite the Federal Reserve's decision to maintain interest rates, Bitcoin prices will remain under pressure due to weak U.S. demand. The Fed voted 9 to 3 on July 29 to keep the interest rate target range unchanged at 3.50% to 3.75%, but this move has not brought new liquidity stimulation. Novaque noted that the Coinbase premium index remains deeply negative, close to -0.11, indicating that Bitcoin is priced weaker on Coinbase compared to offshore platforms.

Novaque also pointed out that total open interest remains below the 100-day moving average, and CME options exposure has significantly contracted from the peak in the first quarter. Exchange reserves have rebounded from the April low to about 2.72 million BTC, indicating an increase in supply that can be sold at any time.

In South Korea, retail investors are reducing their holdings in leveraged ETFs and turning to spot buying due to tightened regulations. The base margin for domestic and foreign single-stock leveraged products was raised from 10 million Korean won in securities to 30 million Korean won in cash starting July 31.

U.S. Democratic Senators Elizabeth Warren and Richard Blumenthal sent a letter to SEC Chairman Paul Atkins requesting an investigation into the Trump-related Meme coin, citing reports that nearly 1 million crypto wallets have incurred losses totaling approximately $3.81 billion since the token's launch in January 2025.