Crypto Market News: Bitcoin Sinks After CPI as Presale Wallets Rush In

Bitcoin dropped to $63,000 this weekend after the CPI bounce failed to hold, and the crypto market news this week reads like a market caught between tired sellers and cautious buyers waiting for a reason to move.

The July inflation report came in exactly where analysts expected, yet the relief bounce lasted less than a day before ETF outflows dragged Bitcoin right back down. And while the big names stall, one presale is doing the opposite: wallets are stacking into Pepeto, a network that has quietly taken in more than $10.6 million before an expected Binance listing.

Crypto Market News: Bitcoin Falls After CPI as ETF Outflows Reverse the Rally

Bitcoin traded at $63,000 on August 15 after pulling back from a brief bounce above $64,000 following the CPI release according to KuCoin. July inflation came in at 3.4% annually and 0.1% monthly, right in line with forecasts.

Instead of fueling a rally, the data triggered ETF outflows that reversed the $854 million inflow week that opened August according to a CoinDesk analysis. Some analysts now argue the old link between cooling inflation and crypto market news buying has broken, and that price action drives flows more than data does.

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