First Mover Americas: Bitcoin Drops to Under $58K After U.S. CPI Data

Jamie Crawley is a CoinDesk news reporter based in London.

BTC losses led drops across major tokens, with ETH also down over 4.5% and SOL falling just under 4%. The broad-based CoinDesk 20, a liquid index tracking the largest tokens by capitalization, has lost 3.5%. Much of the drop came after U.S. July consumer price index figures were released late Wednesday. The CPI increased by 2.9% year-on-year, as expected, the first time it has risen less than 3% since 2021.Crypto prices have been"highly sensitive" to U.S.

Grayscale’s GBTC registered $56 million in outflows, the most among counterparts, with Fidelity’s FBTC recording $18 million in outflows. Ark Invest’s ARKB and Bitwise’s BITB lost $6.7 million and $5.7 million respectively. Franklin Templeton’s EZBC and BlackRock’s IBIT were the only products with net inflows, adding a cumulative $6 million. Ether ETFs fared better, with $10 million in net inflows, extending a streak to three days.

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