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CoinShares: CPI Caps Bitcoin’s Short-Term Upside, but Failed U.S. Treasury Buybacks Are a Medium-Term Bullish Factor

2026-09-13 10:51:20

Abstract generation in progress

Mars Finance reports that James Butterfill, head of research at CoinShares, said that Bitcoin is currently facing an “unusual combination,” with short-term bearish and medium-term bullish factors existing simultaneously. In the short term, U.S. core CPI rose 0.3% month over month in August, above market expectations. Butterfill said: “The CPI data was marginally negative, increasing the likelihood of tighter monetary policy and potentially limiting Bitcoin’s immediate upside.” CME FedWatch data showed that market bets on the Federal Reserve raising interest rates at its next meeting briefly reached 85%. In the medium term, he noted that the U.S. Treasury’s expanded Treasury buyback program had failed to effectively drive down long-term yields. If this situation continues, it could force authorities to introduce larger-scale intervention measures, triggering concerns about currency depreciation and instead benefiting the valuations of Bitcoin and gold. CoinShares believes Bitcoin’s short-term upside may be capped below $80,000.

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BTC-0.62%

GLDX-0.14%

PAXG-0.11%

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Comment

YubikeyYapper

31 minutes ago

This short-term bearish, medium-term bullish tug-of-war basically means the market still hasn’t picked a side. The CPI data just came out, and bets on rate hikes are piling up, but if rates are actually raised several times, the economy won’t be able to take it, and Bitcoin’s narrative will come back—then the cycle repeats.

00View Original

Web3Wanderer

an hour ago

An 80k limit? Let’s first survive long enough to see that level. In this market, short-term traders are being chased around by macro data, while long-term holders can just sit back—after all, the devaluation-anxiety card will be played sooner or later.

00View Original

AccumDistributor

2 hours ago

First Review

With CPI rising, FedWatch shot straight up to 85%—the short-term pressure is definitely intense. But if the medium-term fiscal intervention narrative doesn’t pan out, crypto could instead ride the wave of depreciation anxiety, which is quite counterintuitive.

00View Original

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