The FOMC held interest rates at 3.50% to 3.75% on July 29, with a hawkish tone as three regional presidents dissented seeking another 25 basis point hike. Bitcoin initially jumped to $64,700 before settling around $64,000, while spot Bitcoin ETFs recorded $32.1 million in net inflows on July 29, ending a multi-day outflow streak. Ethereum saw $18.65 million in net outflows, trading near $1,900 as capital rotated back to Bitcoin. Heavy liquidations of $280 million to $316 million occurred across nearly 90,000 to 96,000 traders, while US public debt surpassed 100% of GDP for the first time since World War II.
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