SOFTER PPI, WEAKER BITCOIN — THE FUTURES MARKET JUST CHANGED
US producer prices rose 0.3% in October, below the 0.4% expected
But annual PPI reached 6.5%, its highest level since November 2022
One softer monthly print doesn't erase persistent inflation pressure
Meanwhile, $BTC traded near $68.2K on Binance Futures, down 4.39% over the rolling 24-hour window
📉 The more interesting development is open interest
Across two hourly snapshots 24 hours apart, BTC-denominated OI fell 3.21%, while its USD-equivalent value dropped 7.51%
Yesterday, BTC-denominated OI was still expanding despite falling prices
Now both measures are contracting
⚠️ That supports a reduction in outstanding futures exposure, but doesn't prove every position was liquidated or that the market has found its bottom
A sustainable recovery needs more than a favorable inflation surprise
I'd rather see stronger spot demand and stabilization in positioning before calling this a genuine reversal
$BTC #bitcoin #FuturesTrading
US producer prices rose 0.3% in October, below the 0.4% expected
But annual PPI reached 6.5%, its highest level since November 2022
One softer monthly print doesn't erase persistent inflation pressure
Meanwhile, $BTC traded near $68.2K on Binance Futures, down 4.39% over the rolling 24-hour window
📉 The more interesting development is open interest
Across two hourly snapshots 24 hours apart, BTC-denominated OI fell 3.21%, while its USD-equivalent value dropped 7.51%
Yesterday, BTC-denominated OI was still expanding despite falling prices
Now both measures are contracting
⚠️ That supports a reduction in outstanding futures exposure, but doesn't prove every position was liquidated or that the market has found its bottom
A sustainable recovery needs more than a favorable inflation surprise
I'd rather see stronger spot demand and stabilization in positioning before calling this a genuine reversal
$BTC #bitcoin #FuturesTrading
