Bitcoin rose about 1.9% over 24 hours to roughly $62,600 on Thursday, catching a modest bid after softer-than-expected core inflation data failed to provide a clear directional catalyst for the broader market.

Market Context

The move comes as attention shifts toward Friday's public listing of SpaceX, expected to price at $135 per share with an implied valuation of $1.8 trillion under the ticker SPCX. Bitcoin's bounce was shallow and concentrated among majors, with the rest of the top tokens remaining deep in the red on the week. Ether (ETH) is off about 6.5% at roughly $1,651, XRP down 7.5% near $1.12, Solana down 7.4% around $65, and dogecoin off 7%. BNB held up better at a 2.1% weekly loss.

Analysis

Bitcoin's resilience amid continued outflows from spot ETFs is drawing attention. The 11 U.S.-listed Bitcoin funds recorded a net outflow of $213.85 million on Wednesday, extending a four-week streak of redemptions totaling approximately $5.7 billion pulled since the second week of May, according to SoSoValue data.

Despite this pressure, BTC has managed to hold above its 200-week simple moving average near $62,500 — a stark contrast to ether, SOL and XRP, which have all broken below their respective 200-week SMAs at steep discounts. Analysts have attributed the persistent outflows partly to capital rotation toward AI-themed assets and preparations ahead of the SpaceX IPO.

Wednesday's Consumer Price Index report offered little in the way of a clear catalyst. Headline inflation rose 0.5% month-over-month and 4.2% year-over-year, the fastest annual pace since April 2023, with energy climbing 3.9% on the month and accounting for more than 60% of the increase amid oil price pressures tied to geopolitical tensions involving Iran. Core CPI, the Fed's preferred gauge, rose just 0.2% monthly — below the 0.3% forecast — and 2.9% annually.

Markets had already stopped treating June as a likely rate cut after last week's jobs report, and Wednesday's print validates that repricing rather than reversing it, according to Iggy Ioppe, chief investment officer at tokenization platform Theo. "An in-line print is unlikely to be a clean catalyst either way," Ioppe said, leaving liquidity expectations capped and risk assets trading on positioning rather than a fresh dovish impulse.

Key Numbers

- Bitcoin 24-hour gain: +1.9% to ~$62,600

- BTC 7-day performance: less than -1%, holding 200-week SMA

- Ether (ETH): -6.5% over the week to ~$1,651

- XRP: -7.5% over the week, now trading below its 200-week SMA at $1.19

- Solana (SOL): -7.4% over the week, ~63% below its 200-week average

- Dogecoin: -7% over seven days

- Wednesday Bitcoin ETF net outflows: $213.85 million

- Four-week cumulative ETF redemptions: approximately $5.7 billion

- SpaceX IPO valuation: $1.8 trillion at $135 per share, ticker SPCX

What to Watch

Traders are awaiting the Fed's June 17 meeting, where markets expect no change to rates. The hot headline gives hawks cover to stay restrictive while soft core inflation gives doves room to argue price pressure is narrow and energy-driven. Separately, SpaceX shares are already four times oversubscribed ahead of Friday's listing, with some entities bidding as much as $10 billion for the stock per Bloomberg — a level of demand that could further draw capital from crypto markets near-term.