Oct 13 Morning Brief: On CPI Eve, the Market Falls First
Altcoins are leading the decline today. Here are the three biggest movers:
$NEAR is currently $5.07, down 14% over 24 hours. It was still below $2 in August, then surged to $5.65 by late September. But it failed three times to break through the $5.30–$5.65 resistance zone. The shadow of the $4 million Near Intents exploit in early October also hasn’t lifted, and profit-taking is concentrated today.
$ZEC is currently $1,150, down 9.6% over 24 hours. After peaking at $1,697 on Sept 27, it has given back nearly 30%. Grayscale’s spot Zcash ETF (ZCSH) recorded its first weekly net outflow since launching in August last week, with $93.56 million flowing out. Structural buyers have become potential selling pressure. Still, it’s up more than 120% year to date, and the bulls haven’t been shaken out yet.
$HYPE is currently $80.4, down 7.1% over 24 hours. Hyperliquid Labs completed last week the unlock and OTC distribution of 3.75 million HYPE (about $330 million). Most of the tokens are sitting untouched in a handful of spot wallets. The market hates this kind of overhanging supply, and combined with the broader market pullback, it’s triggering a long squeeze.
Bitcoin at $81,381 (-2.9%) and Ethereum at $2,424 (-4.6%) deserve just one line: spot ETH ETFs have seen net outflows for nine consecutive trading days. Institutions are voting with their feet.
Macro calendar: September CPI will be released tomorrow night at 8:30 p.m. Beijing time (Wednesday at 8:30 a.m. ET). The forecast is 3.6%, versus 3.4% previously. This is the most important inflation report before the Oct 28 FOMC rate decision. Thursday brings retail sales, PPI, and initial jobless claims.
My take: Rather than being driven by bad news, today’s move looks like the classic combination of “a big run-up” and “the eve of a data release.” NEAR and ZEC were star coins in August and September. After their gains ran ahead of themselves, investors are taking profits ahead of a high-uncertainty event like CPI. HYPE’s looming unlock, meanwhile, is real supply pressure; until it clears, any bounce should be viewed as a technical recovery. If CPI comes in hotter than expected, rate-cut expectations will cool and the crypto market could take another hit. If it meets or undershoots expectations, oversold altcoins could see a sharp rebound. Don’t make a large directional bet before the data comes out.
Not investment advice.
#NEAR #ZEC #CPI #Fed #BTC
Altcoins are leading the decline today. Here are the three biggest movers:
$NEAR is currently $5.07, down 14% over 24 hours. It was still below $2 in August, then surged to $5.65 by late September. But it failed three times to break through the $5.30–$5.65 resistance zone. The shadow of the $4 million Near Intents exploit in early October also hasn’t lifted, and profit-taking is concentrated today.
$ZEC is currently $1,150, down 9.6% over 24 hours. After peaking at $1,697 on Sept 27, it has given back nearly 30%. Grayscale’s spot Zcash ETF (ZCSH) recorded its first weekly net outflow since launching in August last week, with $93.56 million flowing out. Structural buyers have become potential selling pressure. Still, it’s up more than 120% year to date, and the bulls haven’t been shaken out yet.
$HYPE is currently $80.4, down 7.1% over 24 hours. Hyperliquid Labs completed last week the unlock and OTC distribution of 3.75 million HYPE (about $330 million). Most of the tokens are sitting untouched in a handful of spot wallets. The market hates this kind of overhanging supply, and combined with the broader market pullback, it’s triggering a long squeeze.
Bitcoin at $81,381 (-2.9%) and Ethereum at $2,424 (-4.6%) deserve just one line: spot ETH ETFs have seen net outflows for nine consecutive trading days. Institutions are voting with their feet.
Macro calendar: September CPI will be released tomorrow night at 8:30 p.m. Beijing time (Wednesday at 8:30 a.m. ET). The forecast is 3.6%, versus 3.4% previously. This is the most important inflation report before the Oct 28 FOMC rate decision. Thursday brings retail sales, PPI, and initial jobless claims.
My take: Rather than being driven by bad news, today’s move looks like the classic combination of “a big run-up” and “the eve of a data release.” NEAR and ZEC were star coins in August and September. After their gains ran ahead of themselves, investors are taking profits ahead of a high-uncertainty event like CPI. HYPE’s looming unlock, meanwhile, is real supply pressure; until it clears, any bounce should be viewed as a technical recovery. If CPI comes in hotter than expected, rate-cut expectations will cool and the crypto market could take another hit. If it meets or undershoots expectations, oversold altcoins could see a sharp rebound. Don’t make a large directional bet before the data comes out.
Not investment advice.
#NEAR #ZEC #CPI #Fed #BTC