XWIN Japan2026-09-12

Neither Bullish nor Bearish—Bitcoin Investors Remain Cautious After CPI

Bitcoin remained caught between persistent buyers and growing short-term caution this week. U.S. CPI was broadly in line with forecasts, but monthly core inflation exceeded expectations, reinforcing concerns over higher rates. BTC fell to about $76,700 after the release, rebounded toward $80,000, and then returned to the $77,000 range. The deeper issue is the gap between long-term demand and near-term selling pressure. U.S. spot Bitcoin ETFs have recorded inflows for three consecutive weeks, while corporate and long-term investors continue to accumulate. Yet spot demand remains weak, Binance’s BTC reserves have reached a two-year high, and derivatives selling has intensified without enough reduction in open interest. Investors have shifted from FOMO to loss avoidance. Stablecoin liquidity and signs of Coinbase buying show that demand has not disappeared, but buyers and sellers remain divided in conviction. Macro conditions still dominate. Higher oil prices, elevated bond yields, and renewed inflation concerns could restrict fresh liquidity. Next week, watch whether spot demand recovers, ETF inflows absorb exchange supply, and excess leverage is cleared from futures. Bitcoin has not chosen a direction; it is testing how long buyers can withstand macro pressure.