Live updates: Bitcoin rises past $63,000 after inflation cooled in June

Trading volume across U.S. spot bitcoin ETFs has fallen 78% from its peak, dropping to about $1.25 billion a day from $5.8 billion, according to Glassnode. That is below where volume sat when the funds launched in early 2024.

The collapse is a measure of attention, not just price. Volume tracks how much money is actively moving through the funds, and it has thinned to a cycle low as bitcoin has drifted between roughly $59,000 and $66,000 for a month.

Glassnode said a sustained recovery in bitcoin’s momentum would likely need attention and participation to return from other asset classes, the same rotation into AI and chip stocks that has pulled institutional flows away all quarter.

The volume drop lines up with the flow data. U.S. spot bitcoin ETFs lost $4.5 billion in June, their worst month since launch, and while daily flows turned briefly positive in early July, the broader bid has not come back. Bitcoin traded near $62,700 on Tuesday, roughly flat on the day, per CoinDesk data.

WTI crude oil has surged 20% from its July low, climbing above $80 a barrel and gaining more than 3% in the past 24 hours as the conflict between the U.S. and Iran continues.

Rising oil prices are inflationary, driving up food and energy costs and increasing the likelihood of further interest rate hikes.

Bitcoin traded near $62,600 on Tuesday, down 0.3% over 24 hours and roughly flat on the week, per CoinDesk data. The market is steady on the surface but the macro backdrop underneath it has turned.

President Trump reinstated the U.S. blockade of Iranian ships through the Strait of Hormuz and demanded a 20% fee on all other cargo moving through the waterway, reviving a conflict that a June peace deal had appeared to settle.

Brent crude rose as much as 2.8% to about $85 a barrel, its second day of gains, and traders lifted bets on a Fed rate hike.

That combination runs directly against crypto. Oil pushing higher feeds the inflation pressure that kept the Fed hawkish through June, and the easing of that pressure was much of what let bitcoin recover from its late-June lows near $58,000. The peace trade is now unwinding, and rate-hike odds are climbing back.

Bitcoin has spent a month between roughly $59,000 and $66,000, and the majors are mixed. Ether held near $1,783 and is up on the week, while Solana, XRP and Hyperliquid are all down 5% or more over seven days.

Today’s June inflation print is the more immediate test. A soft number would ease the rate-hike pressure the Iran news just revived. A hot one, especially with oil climbing, would stack a second hawkish signal onto the first, two weeks before the Fed meets July 28 and 29.