The worst performer across the market today isn’t BTC, it’s $ARB : Binance spot is down 9.5% over 24 hours, plunging from $0.1797 to $0.1558 intraday, with a maximum drawdown of 13.3%—the biggest drop among the top 200 coins. Yesterday it surged to $0.188. If you put in 10,000 USDT at yesterday’s close of $0.1749, you’d have only about 9,170 USDT left now; but if you bought in seven days ago at $0.158, you’d still have 10,150 USDT. Those who chased the rally are paying the price.
The trigger was October’s CPI: up 0.4%, above the 0.3% expected. Core CPI also came in hotter than expected, sharply raising expectations of a December rate hike. Spot BTC ETFs saw another $201 million in outflows on Monday, and the whole market went risk-off. High-beta L2s like ARB took the first hit, falling much harder than BTC and ETH.
But don’t focus on just one day: ARB is already down about 20% over the past 30 days, sliding steadily from $0.1995 on October 11 to where it is now. $0.15 is a key level; if it fails to hold, the next stop is $0.14. It’ll take a move back above $0.17 to say this shakeout is over. #Arbitrum #Ethereum ecosystem
The trigger was October’s CPI: up 0.4%, above the 0.3% expected. Core CPI also came in hotter than expected, sharply raising expectations of a December rate hike. Spot BTC ETFs saw another $201 million in outflows on Monday, and the whole market went risk-off. High-beta L2s like ARB took the first hit, falling much harder than BTC and ETH.
But don’t focus on just one day: ARB is already down about 20% over the past 30 days, sliding steadily from $0.1995 on October 11 to where it is now. $0.15 is a key level; if it fails to hold, the next stop is $0.14. It’ll take a move back above $0.17 to say this shakeout is over. #Arbitrum #Ethereum ecosystem
