Bitcoin surges near $64,000 as macro conditions remain supportive ahead of FOMC meeting

Crypto markets recovered over the past 24 hours, but the move remains a rebound rather than a confirmed trend reversal.

• Bitcoin price at $63,985.03, up 1.10% in 24 hrs.
• Global macro conditions support crypto market.
• US spot Bitcoin ETFs saw $389.7M net outflows.

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Bitcoin price hovered at $63,985.03 (09:03 IST) in the early August 18 trade, up 1.10 percent over the last 24 hours and down 0.14 percent in a week as macro conditions remain supportive ahead of the FOMC minutes.

"Global macro conditions are becoming more supportive for crypto as reduced expectations of further Federal Reserve tightening weaken the dollar and lower short-term Treasury yields. This improves liquidity conditions and investor appetite for Bitcoin and Ethereum," Nischal Shetty, founder at WazirX, said.

Institutional ETF activity moderated last week, with US spot Bitcoin funds recording $389.7 million in net outflows, their largest weekly withdrawal in roughly six weeks. Ethereum ETFs posted a limited $2.26 million outflow, while cumulative inflows remained near $11.45 billion and assets stood around $10.52 billion.

Riya Sehgal, Research Analyst at Delta Exchange, noted that crypto markets recovered over the past 24 hours, but the move remains a rebound rather than a confirmed trend reversal. "Derivatives activity increased, with 24-hour trading volume more than doubling and liquidations exceeding $200 million. Open interest rose only slightly, suggesting short covering and position unwinding drove part of the rebound rather than fresh leverage."