🇨🇳 November 12｜Crypto Market Brief
$BNB 🧧
Macroeconomic pressure remains unabated, institutional capital continues to flow out, and Strategy’s exclusion from MSCI indexes is forcing the market to reassess the corporate Bitcoin reserve model.
📊 Market Overview
BTC: $73,400
ETH: $2,047
SOL: $82.9–83.1
BNB: $671–674
Total crypto market capitalization is around $2.45–2.51T, BTC dominance is around 59.5–60%, and the Fear and Greed Index is around 28–34. The market remains in the fear zone.
BTC is hovering above $73,000, while ETH and most altcoins are showing relatively weak performance, and overall risk appetite remains low.
🔥 Today's top stories
1️⃣ Inflationary pressures persist in the US as markets fear a more hawkish Fed stance
In October, the US Consumer Price Index (CPI) rose 0.4% month over month, above the market forecast of 0.3%. Core CPI increased by 0.3%, also exceeding expectations of 0.2%.
The inflation data heightened market concerns that the Fed will keep interest rates high or even raise them again in December. Moves in the dollar and changing rate expectations continue to weigh on BTC and other risk assets.
2️⃣ Spot BTC ETFs record net outflows for a fifth consecutive trading day
On November 11, net outflows from US spot BTC ETFs totaled around $299.9M. Outflows have continued for a fifth consecutive trading day.
BlackRock IBIT accounted for around $269.7M in outflows for the day. Over the same period, spot ETH ETFs saw net outflows of around $144.8M, with BlackRock ETHA among the largest sources of outflows.
Continued outflows indicate that institutional investors remain reluctant to increase their positions in the short term. The market needs a fresh influx of capital.
3️⃣ MSCI to remove Strategy from global indexes
MSCI has decided to remove Strategy (formerly MicroStrategy), as well as Metaplanet and other companies, from the relevant global indexes. The changes will take effect after the market closes on November 30.
In MSCI's view, companies that manage digital asset reserves are more like investment funds or non-operating companies and therefore do not meet the criteria for inclusion in the relevant indexes.
Strategy previously warned that its removal could trigger around $2.8B in sales by passive funds. JPMorgan, in turn, estimates that potential outflows could be even greater if other index providers follow suit.
However, it is important to distinguish between the two: passive funds will sell Strategy shares, but that does not mean Strategy has to sell its BTC holdings.