Here’s what happened in crypto today
BTC is sitting around $62.9k, down 2.5% on the day, and it feels like the market is digesting a lot of mixed signals. The macro side is doing no favors—US Treasury yields are creeping up as TIPS challenge the inflation narrative, which historically pressures risk assets like crypto. That’s the bearish case in one line: money is getting more expensive to hold, and BTC is reacting by sinking to two-week lows.
But look under the hood and the fundamentals are telling a different story. Our in-house thermometer reads 25°, which is cold—MVRV Z-Score and NUPL are both in their low 20th percentiles. That suggests we’re nowhere near euphoria; a lot of the selling pressure is already baked in. Tether printing $1.5B in Q2 on Treasury holdings shows stablecoin demand is real, and that’s fuel for eventual buying.
The risk? Bitcoin could keep sliding if equities don’t catch up—Asia rebounded but US stocks didn’t follow, and that divergence rarely lasts. Compared to ETH, which is also down 2.3%, BTC isn’t uniquely weak, but it’s not leading either. My take: this dip is more macro-driven than crypto-specific, and the cold on-chain readings make me lean cautiously bullish into any further drop.