Bitcoin is up 2% this week, but the rally might be running out of steam. ETF inflows are cooling, stablecoin growth is stalled, and Bitfinex's absorption-to-emissions ratio has dropped to just 1.3x — meaning demand barely covers miner supply. Without strong, consistent inflows like we saw in late 2024, the upside could be limited.

On top of that, rising real yields are making non-yielding assets like $BTC less attractive. The 10-year TIPS yield just hit 2.12%, its highest since June 2025, pulling capital away from risk assets. Higher oil prices are tightening financial conditions further, adding pressure.

Bottom line: $BTC needs either lower rates, stronger liquidity, or a major shift in flows to break out. Right now, the macro environment is working against it.

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