Bitcoin is trading in a range defined less by crypto sentiment than by the U.S. Treasury market and oil prices. The question worth asking is whether this reflects a temporary macro overhang or a durable shift in how Bitcoin is priced.

Last week, crypto markets saw their heaviest ETF inflows since July, unfolding against a volatile backdrop of weak labor data, sticky inflation, and an imminent Fed rate cut.

Markets are caught between weak jobs data, dovish Fed expectations, and a wave of institutional bets on tokenized infrastructure that could redefine where capital flows next.