Dogecoin and BNB pushed higher on Wednesday while bitcoin slipped toward $63,700, leaving the largest cryptocurrency as the only major token in the red on both the day and the week. DOGE gained almost 3% to roughly 7 cents and BNB rose 2% to $614, as traders rotated into mid-cap tokens even as the broader market held a cautious tone.
The split extended across the rest of the top tokens. Solana climbed 3% over the week to $76, while Ethereum edged up to around $1,890. XRP fell 5% on the week to just above $1, Tron added more than 2% to trade under 34 cents, and Hyperliquid's HYPE token slipped over 1% on the day to $54.
Bitcoin Stays Range-Bound
Bitcoin's slide to near $63,700 kept it the weakest performer among majors, extending a pattern that has held for much of the past month: gains in smaller tokens funded in part by capital rotating out of BTC rather than fresh money entering the market. The move came even as risk appetite elsewhere looked constructive.
Asian Equities and Oil Add a Risk-On Backdrop
Asian equities surged overnight on strong semiconductor earnings, with South Korea's Kospi index jumping 4.6%. Oil extended its own rally, with Brent crude rising more than 1% to $90 a barrel for its longest winning streak since April. Neither move translated into follow-through buying for bitcoin, underscoring how disconnected crypto's largest asset has become from the broader risk-on tone this week.
Related: Bitcoin Holds Near $63,500 as ETF Buying Meets Miner Selling
Thursday's Inflation Data Is the Next Catalyst
Traders are now looking to Thursday's 8:30 a.m. ET release of July inflation data as the next major catalyst. "Last week's US job numbers were weak — a continuing narrative supporting this trend and lower inflation would cement expectations for Fed cuts by year-end, boosting liquidity and risk assets like Bitcoin," said Jeff Mei, chief operating officer at exchange BTSE.
Futures markets are already leaning dovish. Rate-cut odds for the Federal Reserve's September meeting sit near 90% for a 25-basis-point move, and the latest bank outlook points to as much as 100 to 125 basis points of total easing before year-end. A soft CPI print Thursday would reinforce that path and give bitcoin its clearest shot yet at reclaiming the $66,000-$67,000 resistance zone it has failed to break since June. A hot print, by contrast, risks widening the gap between bitcoin and the rest of the market that this week's price action has already exposed. The pattern echoes broader softness already visible in exchange activity — spot volume across major platforms fell sharply in July, a sign that traders have been sitting on the sidelines ahead of the data.
