Crypto Market Posts Modest Gains Led by ETH and DOGE; Bitcoin Clings to $118K After CPI Release

Bitcoin Holds $118K as CPI Data Spurs Rate Cut Optimism; ETH, DOGE Lead Altcoin Gains

Bitcoin remained steady near the $118,000 mark during Wednesday’s Asian trading hours, consolidating after recent gains. A cooler-than-expected U.S. Consumer Price Index (CPI) report for June bolstered investor confidence, fueling expectations of a potential Federal Reserve rate cut in September.

Core CPI rose just 0.1% for the fifth straight month, reinforcing hopes of continued disinflation. The data drove a shift in market sentiment, with crypto assets outperforming traditional equities amid rate cut bets.

“This is a strong print for crypto markets,” said Eugene Cheung, Chief Commercial Officer at OSL. “The Fed is more likely to ease policy in September, which could open the floodgates for institutional crypto investment.”

Cheung noted that Bitcoin’s resilience—despite a procedural setback for the GENIUS Act—reflects growing investor confidence. The bill, which aims to regulate stablecoins, is expected to return for a vote in the coming weeks.

Ethereum (ETH) climbed above $3,100, benefiting from ongoing inflows into U.S.-listed spot ETFs and optimism following the passage of a stablecoin oversight bill. Analysts see Ethereum gaining traction as a key infrastructure layer for tokenized U.S. dollar assets.

Altcoins Climb as Sentiment Improves

Dogecoin (DOGE) surged 2.7% to around $0.2133, extending its seven-day rally to nearly 15%. Solana (SOL) held steady at $163, while XRP hovered just under $2.92. BNB traded at $688, and TRON’s TRX was flat at $0.03.

Spot ETF Flows Signal Strong Institutional Demand

U.S. spot Bitcoin ETFs notched a ninth consecutive day of net inflows on Tuesday, pulling in $403 million. BlackRock’s IBIT led the pack with $416 million in new capital, offsetting combined outflows of $70 million from GBTC, FBTC, and ARKB, according to data from SoSoValue.

Ether ETFs also remained in favor, attracting $192 million in inflows — their eighth straight day of gains.

Macro Uncertainty Weighs on Equities but Not Crypto

Despite declining Asian equities and weaker U.S. stock futures amid persistent inflation concerns and potential tariff pressures, crypto markets remained largely unaffected.

Federal Reserve officials remain cautious. Dallas Fed President Lorie Logan emphasized that rate cuts will depend on continued cooling in the labor market and inflation data.

Still, crypto analysts remain upbeat.

“Bitcoin holding firm above $118,000—even with political delays like the GENIUS Act—shows the strength of this cycle,” said Nick Ruck, Director at LVRG Research. “We believe crypto is poised for continued upside through the second half of 2025.”