Weak Spot Demand Leaves Bitcoin Unmoved by Supportive Inflation Data

The release of US inflation data on August 12 had little effect on Bitcoin's price. According to CryptoQuant, the main reason for this reaction is weak demand in the spot market.

The US Bureau of Labor Statistics published July inflation data, which broadly matched market expectations. However, despite supportive data, Bitcoin did not react positively and remained in the $63,000-$64,000 range.

CryptoQuant analysts cited low capital inflows into US spot Bitcoin ETFs and a negative Coinbase Premium Index as contributing factors to weak demand.