Bitcoin had a rough start to the week, dipping below $62,000 multiple times as the market digested Strategy's largest-ever sale and renewed US-Iran attacks over the weekend. But Tuesday's CPI print flipped the script — June inflation came in at 3.5%, well below the 3.8%-3.9% analysts expected and down from May's 4.2%. Bitcoin rocketed to $64,000 within hours and hit $65,500 on Wednesday, its highest level in about three weeks. The rally didn't stick. By Friday, BTC had slid back to $62,400 before recovering about $1,000, still down over 2% on the week.
CPI surprise sparks a brief breakout
The June CPI data was the clearest signal yet that the Fed's rate hikes are working. Markets had been bracing for sticky inflation, so the drop to 3.5% caught many off guard. Risk assets jumped — Bitcoin led the charge, adding over $3,000 in a matter of hours. The move was broad but short-lived. By Wednesday evening, selling pressure returned, and the gains evaporated almost as fast as they appeared.
Geopolitical headwinds cap the upside
Trump's new Iran strategy, which involves wider scope strikes, is keeping risk-on assets on edge. The weekend attacks that preceded the CPI pop were already priced in, but the expanded military posture suggests more volatility ahead. Bitcoin's inability to hold above $64,000 after the CPI spike shows that macro uncertainty is still the dominant force. Traders are watching for any escalation that could trigger another leg down.
Crypto.com lands $400M from Citadel Securities
Crypto.com closed its first institutional funding round, securing $400 million from Citadel Securities. The exchange's native token, CRO, surged 25% on the news before quickly retracing. The deal marks a rare instance of a major traditional finance player taking a direct stake in a crypto exchange, though the token's price action suggests the market isn't convinced the partnership will translate into sustained demand.
Strategy boosts reserves without selling Bitcoin
Strategy (formerly MicroStrategy) added $450 million to its USD reserves this week, all without selling a single Bitcoin. The company continues to hold its massive BTC stack, using debt and other financing to raise cash. The move comes just after Strategy executed its largest Bitcoin sale to date — a sale of coins, not the company's own holdings, but still a notable shift in its approach to liquidity management.
Altcoin movers: ONDO jumps, HYPE plunges
Hyperliquid's HYPE token dropped over 12% since last Friday, leading the altcoin losers. SOL fell 6.5%, ADA lost nearly 6%. On the upside, ONDO surged almost 12% and ZEC added 3.7%. The divergence reflects a market that's rotating into specific narratives — ONDO's gain tied to real-world asset tokenization buzz, while HYPE's slide follows a broader DeFi pullback. Ripple's XRP, which peaked at $3.65 exactly a year ago, has since dumped 70% and now trades around $1.08.
Base creator Jesse Pollak stepped down from leadership this week, admitting a failed social strategy. And Peter Schiff took to social media to urge Bitcoin holders to sell at current levels, warning they might regret not doing so. The timing isn't great for Schiff — Bitcoin is still up over 100% from a year ago, but the weekly chart shows a market that can't decide which way to break. With CPI behind them and Middle East tensions unresolved, traders are left waiting for the next catalyst.
