July's PPI data came in flat, and CPI landed right in line with market expectations. Both reports rolled out one after another, yet neither could push bitcoin past $64,000. Price just sits under that line — no panic selloff, no real bounce either, like it's waiting for a signal that never shows up.
By the old playbook, soft inflation data usually spells good news for crypto — easing rate hike pressure should, in theory, get risk assets moving. Not this time. Glassnode's read offers a more specific take: it's not about selling pressure, it's about buyers being absent — not enough fresh capital willing to step in at this price.
Analysts describe this stretch another way — the quietest trading has been since 2019. The lack of sharp swings is itself a signal, except this time, the silence doesn't come with a clear answer.
