CryptoQuant Analyst: Fed’s Rate Hold Fails to Boost Bitcoin Amid Weak U.S. Demand

ChainCatcher report, according to analysis by Novaque Research, a CryptoQuant analyst, the Federal Reserve voted 9 to 3 on July 29 to maintain its target interest rate range at 3.50% to 3.75%. However, holding rates steady is not equivalent to rate cuts and has not provided new liquidity stimulus; Bitcoin’s internal demand indicators reflect this constraint. Novaque noted that the Coinbase premium index remains deeply negative, near -0.11, indicating that Bitcoin’s price on Coinbase is weaker than on offshore platforms, pointing to weak spot demand in the U.S.; total open interest remains below the 100-day moving average, and CME options exposure has significantly contracted from its first-quarter peak; exchange reserves have risen from their April low to approximately 2.72 million BTC, signaling an increase in readily sellable supply. The analysis concludes that, amid weak U.S. demand, merely pausing rate hikes can only prevent further tightening but cannot create a dovish environment conducive to price appreciation; Bitcoin’s price is likely to remain under pressure in the short term.