Yesterday, U.S. stocks rallied nearly 7%, but Bitcoin, hovering around $75,000, just wouldn’t follow. Today, U.S. October CPI rose 0.4% month over month, while core CPI rose 0.3%—both 0.1 percentage point above expectations. Waller said that if core inflation came in at another 0.3%, he’d consider a 50-basis-point cut in December—and that’s exactly what happened. The 10-year Treasury yield climbed to the doorstep of 5%, and U.S. stocks gave back some of yesterday’s gains, with the Nasdaq closing down about 0.74%. $BTC plunged to around $72,700 intraday, its lowest in nearly three months, and has now recovered to around $73,500, down roughly 2% over 24 hours. A 25-basis-point cut in December remains the base case; the odds of 50 basis points are only in the low teens. ETH and XRP were weaker, while ZEC fell about 11% in a day. More than $600 million in positions were liquidated across the crypto market overnight, with longs taking most of the hit.

What’s more frustrating is the timing: it’s been nearly half a decade since that 69K peak five years ago, and today the price dipped as low as 72.7K—just over 3,000 above the old high. Some are calling it a lost half-decade. I just think it’s an awkward level to be stuck at.

Lookonchain did the year-end math: from the start of 2026 through yesterday, 14 publicly traded companies sold 108,247 Bitcoin, worth about $8.08 billion. MARA alone sold 40,581, followed by Riot with 20,264. Together, the two accounted for more than half. A lot of the money went toward paying down debt and building AI data centers. Bitcoin is sliding, and miners have already started selling.

Prediction markets aren’t having an easy time either. Politico revealed that the CFTC may take action against Kalshi, saying dozens of new contracts weren’t properly reported. The company says it was a procedural mix-up, that many of the contracts hadn’t even gone live, and that it’s correcting the filings. This administration has generally been pretty supportive of prediction markets, and the company’s valuation is reportedly around $40 billion—but even the biggest player isn’t off the hook.

Follow me. If 72.7K doesn’t hold tomorrow, I’ll keep bringing you the updates.