Bitcoin’s BTC$64,607.03 rally on Tuesday petered out as investors considered a weaker-than-forecast U.S. inflation figure wasn’t enough to prompt a Federal Reserve interest-rate cut.

While it’s still 3% higher over 24 hours, the largest cryptocurrency has dropped 0.5% since midnight. Ether (ETH), up 4.7% in 24 hours, has also pulled back by 0.5%.

On Polymarket, the perceived odds of a rate increase plunged from 34% to 6.7% after the data came out. Bettors now weigh a 93% chance the Federal Reserve will leave rates unchanged this month, and the CME’s FedWatch shows 30-day fed funds futures prices indicating just a 14.4% chance of an increase.

“Crypto's reaction to the latest CPI report shows the market is becoming more selective in how it interprets macro signals,” Markus Levin, co-founder of XYO, told CoinDesk. “While falling inflation reduces pressure on markets and improves the outlook for risk assets, traders are no longer assuming that every favourable inflation print will automatically lead to rate cuts or new all-time highs.”