Bitcoin
Bitcoin treads water below $65K as US PMI data fuels stagflation talk
Bitcoin remained range-bound while US supply-chain data showing simultaneous price pressures and labour weakness sparked fresh stagflation concerns.
Bitcoin held steady near $64,000 on Thursday as broader markets opened flat, with the asset caught in a divergence from stocks and gold that has persisted since June. Trading resource The Kobeissi Letter flagged a widening disconnect in US economic signals: the Institute for Supply Management's Services PMI rose marginally in July to 54.1, yet employment collapsed 3.6 points to 47.4, its weakest reading since March. More concerning, the prices paid index surged 2.6 points to 70.3, near its highest since October 2022, having climbed 16.9 points since March 2024. The combination prompted analysis that stagflation odds were "intensifying."
Oil markets barely budged despite anticipation of a deal between Iran and Oman to reopen the Strait of Hormuz shipping route. Iran's Deputy Foreign Minister cautioned that the understanding "does not, in itself, mean that the Strait of Hormuz will reopen," and without US participation, international shipping resumption remained uncertain. WTI crude held flat at $76 per barrel after hitting three-week lows of $74.30 the prior day.
Onchain analytics platform Glassnode characterised Bitcoin's lack of reaction to gold hitting six-week highs and the S&P 500 reaching all-time highs as displaying "boredom rather than capitulation." The firm described the regime as "a compressed, under-owned market that global risk appetite has left behind, with bottom conditions assembling but incomplete."
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