Bitcoin steadied above $81,000 after briefly slipping below $80,000 following a stronger-than-expected U.S. inflation print, while BNB and dogecoin led gains among major cryptocurrencies as fund inflows surged.
The largest cryptocurrency showed resilience in the face of macro pressure. Bitcoin dropped to around $79,800 late Tuesday after April’s Consumer Price Index came in hotter than expected at 3.8% year-over-year, driven largely by rising gasoline prices amid ongoing geopolitical tensions. However, the dip was quickly bought, with BTC rebounding to roughly $81,200 by Wednesday’s Asian session, marking a modest 24-hour gain after a volatile trading range.
Across major tokens, BNB outperformed with a 2.5% rise, while dogecoin gained 1.3%. In contrast, ether slipped 0.3% on the day and extended its weekly losses, continuing to lag peers. Solana and XRP also posted mild declines, reflecting a mixed performance across the broader market.
Traditional markets reacted more sharply to the inflation surprise. U.S. equities weakened, with the S&P 500 edging lower and the Nasdaq 100 seeing deeper losses, particularly in semiconductor stocks that had recently rallied strongly.
In fixed income markets, the two-year U.S. Treasury yield held just below 4%, while Japan’s long-term bond yields climbed to multi-decade highs, underscoring persistent global inflation pressures driven in part by elevated energy costs.
Despite macro headwinds, underlying flows into crypto remain constructive. Digital asset investment products recorded $858 million in inflows last week, according to CoinShares. Bitcoin-focused funds attracted the majority of capital, followed by smaller allocations into ether, solana, and XRP.
Notably, short bitcoin positions saw significant unwinding, with $14 million in outflows marking the largest weekly reduction in bearish bets this year. The shift suggests investors are pulling back from downside positioning even as macro conditions remain uncertain—a dynamic often associated with gradual upward price movements rather than sharp selloffs.
Market sentiment, however, remains balanced. According to FxPro analyst Alex Kuptsikevich, sentiment indicators have hovered just below neutral levels in recent days, indicating that bearish pressure has not fully dissipated.
Technically, bitcoin has struggled to regain upward momentum near its 200-day moving average, a key long-term trend indicator. While the level continues to cap gains, the relatively shallow pullback suggests the move may represent consolidation rather than a reversal.
Regulatory developments may also be offering support. CoinShares noted that the recent surge in inflows coincided with progress on stablecoin legislation under the CLARITY Act, which is expected to be reviewed by U.S. lawmakers soon. The potential for clearer regulation has emerged as one of the few supportive factors amid a complex macro backdrop.
For now, bitcoin’s ability to hold above $81,000 despite elevated inflation and rising yields points to continued demand beneath the surface. Whether that resilience can persist will likely depend on upcoming macro data and further developments on the regulatory front.
