Inflation ran hot, a Fed hike got priced in, and $BTC gave up just 1.48% in the last 24 hours. Strength or a pause?
US CPI released Tuesday (Nov 10) showed October prices up 0.4% vs 0.3% expected, core up 0.3% vs 0.2% 🌡️
CME FedWatch now shows a 90% chance of a quarter-point hike, per CoinDesk at 12:19 UTC today. The US 10-year yield ended the day back at 5%.
The pain hit leverage, not spot. Liquidations jumped 288% to $725M, per CoinGlass 💥
What's easing: US spot bitcoin ETFs lost $95M Tuesday, a fourth straight outflow day, but down from $430M last Thursday.
What isn't: USDT market cap shrank $6.6B over 60 days, the biggest 60-day drop in CryptoQuant data going back to 2022. CryptoQuant says stablecoin growth funded every rally this cycle, and the Coinbase Premium has been negative 30 days straight.
What I'm watching on $BTC: the 200-day average near $73,200, and the 365-day near $76,400 that CryptoQuant says must be reclaimed to restore a bullish structure. It's at $73,524 now, 24h range $72,727-$74,844, funding +0.006%, Fear & Greed 29 📉
Sellers are slowing down today, but the stablecoin money that usually fuels buyers is still shrinking.
#BTC #CPI #Inflation #FedRates
US CPI released Tuesday (Nov 10) showed October prices up 0.4% vs 0.3% expected, core up 0.3% vs 0.2% 🌡️
CME FedWatch now shows a 90% chance of a quarter-point hike, per CoinDesk at 12:19 UTC today. The US 10-year yield ended the day back at 5%.
The pain hit leverage, not spot. Liquidations jumped 288% to $725M, per CoinGlass 💥
What's easing: US spot bitcoin ETFs lost $95M Tuesday, a fourth straight outflow day, but down from $430M last Thursday.
What isn't: USDT market cap shrank $6.6B over 60 days, the biggest 60-day drop in CryptoQuant data going back to 2022. CryptoQuant says stablecoin growth funded every rally this cycle, and the Coinbase Premium has been negative 30 days straight.
What I'm watching on $BTC: the 200-day average near $73,200, and the 365-day near $76,400 that CryptoQuant says must be reclaimed to restore a bullish structure. It's at $73,524 now, 24h range $72,727-$74,844, funding +0.006%, Fear & Greed 29 📉
Sellers are slowing down today, but the stablecoin money that usually fuels buyers is still shrinking.
#BTC #CPI #Inflation #FedRates