Bitcoin hovered near the $64,000 level during Asian morning hours on Monday, trading around $63,600 and up about half a percent on the day, though down almost 3% over the week, as cryptocurrencies remained stuck in a tight range despite a softer U.S. dollar and reduced expectations for Federal Reserve rate hikes.

Every major token gained on Sunday, although bitcoin, ether, XRP and solana all sat lower over the past seven days.

Hyperliquid's HYPE was the standout performer, climbing more than 3% on the day to $59 and almost 9% on the week — the only major cryptocurrency with a meaningful weekly gain. HYPE is the native token of Hyperliquid, a decentralized exchange best known for perpetual futures trading, which made its advance stand out against a majors board that otherwise drifted lower. Analysts say fading optimism, weaker exchange-traded fund inflows and uncertainty ahead of this week's Fed minutes and a White House crypto meeting are keeping crypto markets subdued despite a more supportive macro backdrop.

Among other majors, ether rose more than 1% to just under $1,900 but is down 1% over seven days. Dogecoin added almost 1% to 7 cents, tron gained under half a percent to just over 33 cents, and XRP moved marginally higher to $1, though XRP is down 3% on the week. Solana edged up to just over $75 and is down almost 2% over seven days, while BNB slipped marginally to just over $604 and was flat on the week.

The macro backdrop turned friendlier without moving crypto. A Bloomberg gauge of the dollar slipped 0.1%, heading toward a third straight decline and levels last seen in May, while MSCI's emerging-market currency index hit an intraday record, led by the Taiwanese dollar and the Thai baht.

The shift followed U.S. retail sales figures released on Friday showing the sharpest monthly drop in more than a year as consumers pulled back. Swaps traders now put the chance of a Federal Reserve rate rise next month at around one in four, down from about 50% a week ago, and Treasuries rose across the curve.

Nick Ruck, director of LVRG Research, told CoinDesk that the market remains stalled near $63,000, with fading exchange-traded fund inflows showing a lack of optimism after last week's selloff. Spot bitcoin ETFs, which launched in the United States in January 2024, opened a widely used route to bitcoin exposure through conventional brokerage accounts, so their daily flows are tracked as a gauge of demand for the token.

“Key catalysts to watch this week include the release of the FOMC minutes and any developments from the anticipated White House crypto meeting, both of which could provide clearer signals on the regulatory and monetary policy landscape,” Ruck said.

Those minutes, from the Fed's July 28–29 meeting, are due Wednesday at 2 p.m. ET. They will show how close the committee came to raising rates before last week's data pushed those odds down. FOMC minutes, released roughly three weeks after each meeting, record the substance of the policy debate, and traders parse them for detail on how officials weighed the case for moving rates.

Correction (08:07 UTC): This article corrects the BTC spot price in the title and text.

Source: CoinDesk