Behind Bitcoin’s sudden resilience is a $2 billion cash surge that wiped out speculative leverage

July's PCE inflation reading held at 3.7% headline and 3.3% core on Aug. 26, both still above the Fed's target.Futures markets responded by pushing the odds of a September rate hike to roughly 44%, up from 36% before the report. Bitcoin hit an intraday high of $79,251.60 the same day, trading near $78,000 as of press time.Bitget Research chief analyst Ryan Lee said in a note:“In-line is not the same as harmless. A core print at consensus leaves the existing policy debate largely intact and settles little.”With rate expectations offering nothing new, Lee expects Bitcoin's price to keep taking its direction from elsewhere, in ETF flows, spot liquidity and derivatives positioning.IndicatorBefore / baselineAfter Aug. 26 PCEWhy it matters for BTCHeadline PCEFed target: 2%3.7%Inflation remains too high for an easy dovish pivot.Core PCEFed target: 2%3.3%Consensus print did not create a fresh bullish catalyst.September hike odds36%44%Macro pricing became marginally more hostile.Bitcoin intraday high—$79,251.60BTC still held near rally highs despite the macro headwind.Press-time BTC price—Near $78,000Suggests consolidation, not a breakdown.The Bitcoin demand underneath the rallyGlassnode sa...