QCP Market Colour, 14 August 2026

BTC has moved back towards 63k, returning to the lower end of its recent range despite a softer US inflation backdrop. July CPI eased to 3.4% YoY, core inflation moderated to 2.5%, and PPI was flat on the month — but crypto's response has remained muted.

That leaves the theme from last week largely intact: resilience without momentum. BTC has continued to absorb a weaker labour market, geopolitical uncertainty and changing corporate treasury flows without a sustained breakdown, but supportive macro data have yet to produce lasting follow-through.
Policy is also moving on two tracks. The CLARITY Act has been pushed beyond the August recess, while the SEC and US banking regulators continue to develop frameworks around crypto capital raising and tokenized securities.

Meanwhile, Strategy disclosed another 1,690 BTC sale last week, reinforcing that corporate treasury flows can now move in both directions depending on balance-sheet conditions.

Hormuz remains another source of macro uncertainty, with Brent back around $88 as negotiations continue without a durable reopening of the strait.
For now, BTC remains rangebound rather than broken. The question is whether softer inflation and greater policy clarity can eventually translate into stronger demand, or whether constrained liquidity keeps momentum limited.

Read the full QCP Market Colour here.