Good morning! Last night's CPI came in a bit hot, and the market took a hit. BTC is catching its breath around $74,000. There's quite a bit to cover today, so let's go over the highlights 👇
📉 Market Snapshot
$BTC After CPI, it dipped as low as around 72,600 before bouncing back and trading sideways in the 73,700–74,500 range. 73,000 is the key support level everyone is watching; if it breaks, many expect a drop to 70,000. ETH is just above 2,000, XRP is down about 17% over the past week, and ZEC has fallen from over 1,200 to around 970 in a week. Altcoins remain broadly weak. Gold has also fallen below 4,000, while USD/JPY is nearing 160, adding to the macro pressure.
💸 Fund flows: still moving out
BTC spot ETFs have seen net outflows for four straight days, with about $95 million flowing out on 11/10, though the pace was slower than in the previous few days. Stablecoins are more noteworthy: their supply has shrunk by about $14.2 billion over the past 30 days, the fastest decline since 2022, suggesting that some capital is truly leaving the market.
🏦 Today's biggest news: MSCI removes Strategy
In its November review, MSCI removed Strategy from its global indexes, effective 11/30. Passive funds are expected to sell about $1.6 billion worth of shares, while JPMorgan estimates the figure could reach $2.8 billion. The company won't be forced to sell its Bitcoin as a result, but pressure on its share price could affect its ability to raise funds to buy more. This is worth keeping an eye on.
🏛️ Traditional finance keeps moving in
• Deutsche Bank has launched custody services for Bitcoin, Ethereum, and stablecoins for institutional clients in Europe
• Starting 11/26, Israel's Discount Bank will let retail customers buy and sell BTC and ETH in its app
• The tokenized securities platform being developed by OKX and ICE, the parent company of the NYSE, launches on 11/23. More than 70 tokenized U.S. stocks and ETFs will be available to trade 24/7
• Barclays and Citi increased their holdings in Bitcoin ETFs in Q3
• On the other hand, Nomura is considering selling its loss-making crypto subsidiary, Laser Digital
⚖️ Policy watch
Former White House crypto adviser Patrick Witt says Trump still wants to increase the Bitcoin reserve without adding to the budget. In a lawsuit over perpetual futures for individual stocks, the SEC has voiced support for coordinating oversight with the CFTC. MEXC's FinCEN ban takes effect on 12/10, so if you have assets there, take note.
🔐 Post-quantum security is the new hot topic
XRPL has proposed introducing post-quantum signatures, and the Ethereum community has also proposed a roadmap for post-quantum and AI resilience by 2027. On Solana, a private transfers feature has launched. The Breakpoint conference takes place in London on 11/15–17—one to watch.
🗣️ What are the bulls and bears arguing about?
Bulls think short positions have piled up too much, creating the potential for a short squeeze. More cautious voices worry that a Democratic victory in the midterm elections could lead to tighter regulation, and think that if $73,000 doesn't hold, $70,000 is next. Which side are you on? Let's talk in the comments～
⚠️ Disclaimer: This article summarizes publicly available information from X, which may contain inaccuracies. It is for reference only and does not constitute investment advice. Crypto assets are highly volatile; please make your own judgments and be aware of the risks.