CARDINAL, July 21, 2026 — Bitcoin has reclaimed the $64,000 mark, driven by softer-than-expected inflation data that has eased rate-hike concerns and lifted risk assets across the board.

The cryptocurrency rebounded from early-July lows near $59,000, with the CME Bitcoin Futures ETF seeing record inflows of $47 million on Monday. Analysts at JPMorgan noted that Bitcoin is behaving more like a macro play than a speculative asset, with correlation to the S&P 500 approaching 0.62.

The Federal Reserve's July 21 policy meeting represents the primary near-term catalyst, with markets pricing in a 40% chance of a 25 basis point cut. The SEC's approval of spot Bitcoin ETF applications from 12 new funds has injected $2.3 billion in fresh capital into institutional channels since the start of the month.

Citi Research recently adjusted its 12-month Bitcoin price target to $82,000 from $112,000, citing "persistent outflows from spot ETFs" and "weakening miner fundamentals." The adjustment reflects a more cautious outlook despite the price recovery.

Whale accumulation has been notable, with the top 10 addresses adding 12,000 BTC over the past week. Blockchain analytics firm Glassnode reports that exchange reserves have declined to 18-month lows, suggesting holders are moving coins to cold storage for longer holding periods.

Analysts project a range of $60,000 to $68,000 by end-July, with bullish targets looking at $85,000 should Fed dovishness accelerate. The Swiss-based Pension Fund Association has authorized $150 million in Bitcoin allocations, marking another institutional endorsement.

Labels: Bitcoin, Crypto, Finance, ETF, Blockchain, Federal Reserve