📉 10. The market starts the day cautiously
Overall, we have a mixed set of factors today:
Positive:
ETF inflows have continued for several days, despite the outflow on October 5.
The CFTC is moving toward a clearer federal framework.
The SEC continues to build a legal framework for the custody of digital assets.
Pressuring factors:
Bitcoin has retreated from the $87K area.
$89.8 million flowed out of ETFs on October 5.
The dollar is strong.
Treasury yields are elevated.
Inflation concerns have not disappeared.
Geopolitical tensions continue. �
Barron's +1
🔗 What changed most since yesterday
October 5: BTC approaches $87K + the CFTC announces a new regulatory framework + Fairshake announces an election initiative.
⬇️
October 6: BTC returns to around $85K + ETFs record a sharp daily outflow + a rise in the dollar and yields puts pressure back on the market.
⬇️
October 7: The Federal Reserve meeting minutes become one of the key upcoming events that could move interest-rate expectations and markets.
Bottom line: Today is not just a day of Bitcoin declines; the biggest story is that the market is more closely tied than ever to U.S. politics, the CFTC and SEC, elections, interest rates, Treasury bonds, and ETF flows.
Overall, we have a mixed set of factors today:
Positive:
ETF inflows have continued for several days, despite the outflow on October 5.
The CFTC is moving toward a clearer federal framework.
The SEC continues to build a legal framework for the custody of digital assets.
Pressuring factors:
Bitcoin has retreated from the $87K area.
$89.8 million flowed out of ETFs on October 5.
The dollar is strong.
Treasury yields are elevated.
Inflation concerns have not disappeared.
Geopolitical tensions continue. �
Barron's +1
🔗 What changed most since yesterday
October 5: BTC approaches $87K + the CFTC announces a new regulatory framework + Fairshake announces an election initiative.
⬇️
October 6: BTC returns to around $85K + ETFs record a sharp daily outflow + a rise in the dollar and yields puts pressure back on the market.
⬇️
October 7: The Federal Reserve meeting minutes become one of the key upcoming events that could move interest-rate expectations and markets.
Bottom line: Today is not just a day of Bitcoin declines; the biggest story is that the market is more closely tied than ever to U.S. politics, the CFTC and SEC, elections, interest rates, Treasury bonds, and ETF flows.