Overview

• Bitcoin reached a fresh intraday record of $124,514.59 before pulling back into a $121,000–$123,000 range following that peak
• Heavy inflows into spot bitcoin ETFs, expanding corporate treasury allocations and recent US banking and retirement account rule changes have bolstered institutional demand
• The US Department of Labor reported a 0.9% rise in producer prices for July, well above expectations and prompting investors to scale back rate-cut forecasts
• US equities slipped from record highs while Treasury yields climbed after the PPI surprise, reflecting growing caution over monetary policy
• Market participants now face the risk that reduced Fed easing expectations could erode the fragile rally supporting both risk assets and crypto