Bitcoin held firmly above $65,000 over the weekend, capping its best week in months as spot ETF inflows surged to levels not seen since mid-April. Every major cryptocurrency finished green on the week except XRP, with BTC, Ether, and BNB each gaining nearly 3%.

The price stability comes at a critical juncture. US inflation data is due this week, and the Federal Reserve's next move remains the single biggest macro variable hanging over crypto markets.

ETF Inflows Hit a Four-Month High

Bitcoin spot ETFs recorded $853.54 million in net inflows last week, the strongest weekly performance since April. BlackRock's IBIT captured the bulk of the inflows, reinforcing its dominant position among the eleven approved Bitcoin ETFs.

The sustained demand suggests institutional allocation is continuing despite the macro uncertainty that has gripped markets since the July jobs report. ETF flows have now been net positive for three consecutive weeks.

Jobs Report Reshapes Rate Expectations

The US labor market delivered a shock last week. Employers cut 23,000 jobs in July — the first net loss since the pandemic-era recovery and a sharp miss against the 95,000 gain economists had expected. June's figure was revised down from 57,000 to 20,000, and May's was nearly halved.

The unemployment rate ticked down to 4.1%, but only because more people exited the labor force entirely. Markets interpreted the data as a reason for the Fed to hold off on rate hikes, sending Treasury yields lower and the dollar softer — both tailwinds for risk assets including crypto.

Bitcoin's price action reflected that read. BTC traded in a tight range near $65,000 through the weekend, with volatility compressing ahead of this week's Consumer Price Index release.

Global Stocks Near Record Highs

The crypto rally is tracking broader market optimism. Global equities traded near all-time highs as investors priced in the likelihood of a more dovish Fed stance. The correlation between Bitcoin and the Nasdaq has strengthened in recent weeks, suggesting macro factors are driving crypto more than idiosyncratic catalysts.

Ether and Solana both outperformed Bitcoin on a weekly basis, with ETH benefiting from continued staking inflows and SOL extending its year-to-date gains.

XRP Lags as Clarity Act Delayed

The outlier was XRP, which fell 5% last week while the rest of the market climbed. The Senate left Washington without holding a procedural vote on the Clarity Act, pushing the market-structure legislation to at least September.

For XRP, the delay is more than procedural. The token's regulatory fate is tightly bound to the broader market-structure framework the Clarity Act would establish. Each week of delay extends the uncertainty that has weighed on XRP since the SEC's original lawsuit against Ripple.

What to Watch This Week

The CPI report on Wednesday is the key event. A softer-than-expected reading would reinforce the case for a Fed pause and likely push Bitcoin higher. A hot print would re-introduce the rate-hike narrative that has periodically pressured crypto throughout the year.

ETF flows will also be closely watched. Another week of strong inflows would cement the view that institutional demand for Bitcoin exposure is structural rather than speculative.