Sharp Market Correction & Macro Pressures: The total cryptocurrency market capitalization declined by roughly 5.8% to $2.40 trillion as a broader risk-off sentiment swept through global markets. Hotter-than-expected U.S. inflation data (with October CPI rising 0.4% versus the 0.3% forecast) reinforced expectations of tighter Federal Reserve policy and potential rate hikes, pushing Treasury yields higher.
Liquidations & Price Levels: The downside price movement triggered widespread liquidations across leveraged positions, predominantly affecting long traders. Bitcoin (BTC) tested levels near $70,800 (and briefly dipped below $69,000 intraday), while Ethereum (ETH) and Solana (SOL) showed relative resilience, holding near $2,000 and $81, respectively, compared to sharper percentage drops in BTC.
Institutional Outflows: Spot Bitcoin and Ethereum ETFs have faced persistent net outflows over consecutive trading sessions, reflecting a temporary cooling of institutional demand via regulated products.
Upcoming Data & Market Watch: Investors are closely monitoring upcoming economic reports—including the Producer Price Index (PPI)—for further signals on inflation trends and interest rate trajectories.
