Bitcoin and Ethereum: ETF Flows, On-Chain Metrics, and the Macro Pivot
Bitcoin traded at $63,641 on Monday, August 17, holding the upper bound of a weeks-long range after two consecutive below-consensus inflation prints reordered the rate outlook. The move in price has been modest. The move in the conditions that set price over the next month has been substantial.
Key Takeaways July PPI printed flat at 0.0% on August 13, against a 0.2% consensus, cutting the September rate hike probability from 55% to 35%, per CME FedWatch data. Bitcoin and Ethereum ETFs combined attracted $1.1 billion in a single session on August 15, ending months of choppy net outflows in 2026, with BlackRock's IBIT capturing roughly 80% of BTC product flows. Stablecoin supply crossed a new a…
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