CryptoQuant Analyst: The Federal Reserve's decision to maintain interest rates failed to boost Bitcoin, and the price of cryptocurrencies will remain under pressure due to weak demand in the U.S

According to CryptoQuant analyst Novaque Research, the Federal Reserve voted 9 to 3 on July 29 to maintain the interest rate target range at 3.50% to 3.75%. However, maintaining the interest rate is different from cutting rates and did not bring new liquidity stimulus, and Bitcoin's internal demand indicators reflect this constraint.

Novaque stated that the Coinbase premium index continues to be deeply negative, close to -0.11, indicating that Bitcoin's pricing on Coinbase is weaker than on offshore platforms, pointing to sluggish spot demand in the U.S.; total open interest remains below the 100-day moving average, and CME options exposure has significantly contracted from the peak in the first quarter; exchange reserves have rebounded from the April low to about 2.72 million BTC, indicating an increase in supply that can be sold at any time. It believes that against the backdrop of weak demand in the U.S., simply pausing interest rate hikes can only prevent further tightening and cannot create a favorable environment for price increases, and Bitcoin prices will remain under pressure in the short term.