Bitcoin The inflationary scare was almost eradicated as soon as print hit the scene.
The largest cryptocurrency fell to $79,879 during the U.S. session on Tuesday after the consumer price index rose 3.8% year-on-year in April, higher than economists expected, driven largely by gasoline prices since the start of the Iran war. Bitcoin prices were back up to $81,208 in early Asian trade on Wednesday, up 0.3% in 24 hours after trading in the $1,400 range. The dips were bought heavily.
Among major currencies, BNB rose 2.5% to $677, while Dogecoin gained 1.3% to $0.1114. Ethereum fell 0.3% in 24 hours to $2,300 and is currently down 3.2% in seven days, making it a laggard in the category. Solana fell 0.6% to $95.52. XRP is trading at $1.45, down 0.5% on the day.
Consumer Price Index (CPI) data has hit traditional markets harder than cryptocurrencies. The S&P 500 fell 0.2% and the Nasdaq 100 fell 0.9%, with semiconductor stocks bearing the brunt after weeks of sharp gains.
Rate-sensitive two-year government bond yields held at just below 4%, while Japan’s 20-year government bond yields exceeded January highs and hit their highest levels since 1997, as rising energy prices added to global inflationary pressures.
Asian stocks pared early losses after the White House confirmed Nvidia CEO Jensen Huang would join President Donald Trump’s trip to China, boosting futures prices for chipmakers.
Flows under cryptocurrencies remain positive. CoinShares reported that global cryptocurrency fund inflows last week were US$858 million, with Bitcoin products absorbing US$706 million, Ethereum absorbing US$77 million, Solana absorbing US$48 million, and XRP absorbing US$40 million.
The biggest data point was the $14 million outflow from Bitcoin short positions, which was the largest weekly short liquidation in 2026. Even as the macro market becomes more volatile, funds are still placing bearish bets on Bitcoin, a positioning shift that typically precedes a rally rather than a capitulation.
Alex Kuptsikevich, chief market analyst at FxPro, said the broader sentiment index has stabilized below the midpoint of its range, with readings of 47, 48 and 49 over the past three days, suggesting bears still have a slight upper hand.
Bitcoin “lost upward momentum as it approaches its 200-day moving average,” he said in a report, referring to the long-term trendline that eliminates short-term price noise.
“While this line is trending downward, the market has been unable to break above it over the past six days. On the other hand, as the decline has been quite modest, it is little more than a respite from the rebound.”
CoinShares also noted that last week’s surge in inflows coincided with a compromise on the treatment of stablecoin yields in the Clarification Act, which is expected to be considered by the Senate Banking Committee next week. Regulatory developments, one of the few positives for the market since the start of the Iran war, showed up in traffic data rather than price action.
Currently, Bitcoin remains at $81,000 after CPI printed so hot and Treasury yields set so tight, suggesting that structural buyers remain active below the price. Whether this holds through to next week’s Senate hike and the next round of macro data is the next test.