Bitcoin Flatlines at $64K While Bond Yields and Brent Crude Stage Their Own Bull Run 🛢️

Bitcoin hovered near $64,000 on Tuesday, retracing Monday's climb from $62,600 to $64,600 as rising U.S. Treasury yields and climbing oil prices dragged on risk assets. BTC was last trading at $64,130.46, down 0.6% since midnight UTC, while Nasdaq 100 futures slipped 1.1% in tandem. Ether fell roughly 1% to $1,896.44, with SUI, XLM and TAO also posting losses in the broad pullback.

The move in fixed income came as traders positioned for Wednesday's release of minutes from the Federal Reserve's July 28–29 FOMC meeting, which follows two consecutive softer U.S. inflation prints. Brent crude oil returned to $94 per barrel after a 60-day U.S.–Iran ceasefire expired Monday without a deal, adding fresh inflation uncertainty into the mix. Both developments pushed bond yields higher and weighed on equities, helping to pull bitcoin off its Monday highs.

Wednesday's calendar also includes a White House meeting between President Donald Trump and crypto industry executives, with U.S. policy emerging as a key driver of price action in recent weeks and contributing to the stop-start, range-bound nature of bitcoin's trading. Adding to the event risk, the Federal Reserve minutes land the same day as the crypto summit.

In derivatives markets, the long-short taker volume ratio in bitcoin futures flipped decisively from neutral to bullish, with longs accounting for over 51% of flow. Annualized perpetual funding rates on BTC surged to a 20-month high, according to CryptoQuant, signaling a strong bullish bias, while overall open interest held near 750,000 BTC, a level it has largely maintained for weeks. SOL futures open interest climbed to 66.88 million tokens, the highest since July 10, with funding rates near zero. XLM bucked the broader trend, dropping nearly 3% to 15 cents since midnight, its lowest level since May 27, as traders appeared to short the dip after a late-May surge to 27 cents.