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July’s 0.9% monthly PPI surge (vs. 0.2% expected) strengthened Fed hawkish bets. Higher inflation may delay rate cuts, increasing the opportunity cost of holding non - interest - bearing assets like Bitcoin. Investors shifted to yield - bearing assets (e.g., Treasuries), reducing crypto demand. For Bitcoin, this broke its short - term correlation with risk assets, as market pricing of prolonged high rates weighed on its "inflation hedge" narrative, pressuring prices.
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