Bitcoin Reclaims 64K as Ionic Digital Surges on Nasdaq Debut

Bitcoin clawed back the $64,000 level overnight on July 29 as traders braced for the Federal Reserve's policy decision, the most consequential macro event for digital assets this month. Ionic Digital (IOND), the bitcoin miner formed out of Celsius Network's bankruptcy, surged 26% on its Nasdaq debut, valuing the company at $2.8 billion in the exchange's largest direct listing since 2021.

Ionic, which is pivoting to AI and high-performance computing infrastructure, completed a direct listing rather than a traditional IPO and holds 2,815.6 bitcoin on its balance sheet. The listing provides an exit route to former Celsius creditors who received IOND shares during the bankruptcy reorganization and projects $195M in revenue for the full year.

Fed Decision Weighs on Bitcoin ETF Flows

On the macro front, Bitcoin slid into Tuesday's session before recovering, with prices opening at $63,706.66 on July 28, down 2.5% from Monday. Ethereum followed suit, opening at $1,890.67, a 3.2% decline, as investors trimmed risk exposure across digital assets ahead of the Fed's two-day meeting.

Liquidations across the market slowed to just over $420M on July 29, down from $605M the prior session, though $325M of those were from long positions. Spot Bitcoin ETF flows remained negative for a fourth consecutive day, with $49M in net outflows recorded on July 28 alone, pushing the four-day total past $500M. CME FedWatch data put the probability of a rate hike at 35.8%, up from 25.7% the previous week, while separate CoinDesk estimates showed a 70% chance rates hold steady alongside a 30% chance of a surprise 25-basis-point increase. Analysts widely agree the Fed's tone after the decision will determine Bitcoin's near-term direction far more than the rate outcome itself.