September’s CPI data came in a little higher than expected, reigniting inflation concerns. Markets immediately began speculating about whether the Fed would raise rates again before the end of the year. Treasury yields jumped along with it, with the 10-year briefly nearing 5.3%, while oil prices surged above $100 amid tensions in the Middle East. When money flows to safety, risk assets—including Bitcoin—tend to take a hit first. Things have been unsettled in Asia too: South Korean and Japanese stocks have fallen sharply in recent days, and Bitcoin has suffered a string of sell-offs during Asian trading hours. It feels like it’s being dragged down by sentiment in the region.