The price of Bitcoin may continue to fluctuate before ETF fund inflows.

According to Hash Chain News, the Bitfinex Alpha report shows that Bitcoin briefly reached a historical high of $123,640 last week before retracting by 5.4%. Due to the impact of U.S. inflation data, market risk appetite has decreased. Currently, the BTC price is consolidating between historical highs and lows, and it is expected to continue to maintain a range-bound fluctuation until strong catalysts, such as a dovish signal from the Federal Reserve or ETF fund inflows, emerge. Ethereum has performed outstandingly, rising from $1,386 in April to $4,783 last week, approaching the peak of $4,864 in 2021, strongly driving funds toward high-risk assets. Bitcoin's dominance has decreased from 65% to 59% within two months. Although this volatility has attracted more investor interest, the lack of structural fund inflows has intensified volatility in the altcoin market, and the overall market remains at a critical turning point. Additionally, U.S. inflation data for July shows that service costs and prices of tariff-related goods continue to rise, with core inflation reaching a six-month high and the producer price index (PPI) exceeding expectations, further compressing corporate profit margins. This indicates that inflationary pressures still exist, and the path for the Federal Reserve's policy meeting in September faces challenges, as market expectations for rapid interest rate cuts may be overly optimistic.