The 30-year U.S. Treasury yield climbed to 5.234% on July 30, its highest level since July 2007, making government debt more attractive relative to risk assets. Bitcoin has shed over $675 billion in market value since January. U.S. crypto Netflows dropped to $24.7 million, the lowest since early July, while the Coinbase Premium Index remained negative, signaling weaker demand from American investors. The Federal Reserve held interest rates between 3.5% and 3.75% while flagging that inflation, driven partly by energy, remains above its 2% target. A sustained bull run may remain unlikely until the U.S. midterm elections in November.
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