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Bitcoin ($BTC) dropped from an intraday high of $65,234 to $63,304 after July consumer inflation came in at 3.4%, even as the Nasdaq and S&P 500 climbed on the same data.
Producer prices, reported the next day, were unchanged against an expected 0.2% rise, and they did nothing to slow the decline.
The divergence traces to a supply structure that has been absorbing every improvement in the macro backdrop before it reaches the price.
Between 45% and 46% of all Bitcoin outstanding is held at a loss, roughly 9 million coins, according to Glassnode.
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