0906 ET - A July CPI reading that matched expectations is providing support for major cryptocurrencies, with bitcoin up 0.6% to $64,051, ethereum gaining 1.5% to $1,909, XRP rising 0.2% to $1.02, and solana advancing 0.8% to $76.62. While the inflation news is supportive for cryptocurrencies, the major focus continues to be institutional funds flowing into ETFs, says Sandeep Pyapali of Mesta in a note. "The inflation trend is still worth watching, but the more durable trade is the one moving corporate dollar flows off legacy rails and onto instant settlement--that shift doesn't pause for a CPI print," says Pyapali.
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