Coinbase Institutional, in its weekly report, attributed the recent drop in Bitcoin ($BTC ) to the Federal Reserve, not the Binance hack. According to them, both the October non-farm payrolls and CPI figures exceeded expectations, and the market had already fully priced in a 25 basis point rate hike in December, with a cumulative expectation of 64 basis points over the next 12 months.
More noteworthy than price is the stablecoin market: its supply decreased by $11.5 billion in the past 30 days, the largest drop in history. The US spot Bitcoin ETF saw $1.44 billion in outflows in the five trading days before November 11th, with holders experiencing an overall unrealized loss of approximately $12.7 billion. Bitcoin has fallen below $73,000.
The contraction in stablecoins is more telling than ETF outflows; it reflects the level of buying pressure in the market, not the paper value of holdings. Coinbase's next target is $66,000 to $68,000, provided the price fails to consistently recover to $73,000.
#比特币 #稳定币 # Fund Flow
More noteworthy than price is the stablecoin market: its supply decreased by $11.5 billion in the past 30 days, the largest drop in history. The US spot Bitcoin ETF saw $1.44 billion in outflows in the five trading days before November 11th, with holders experiencing an overall unrealized loss of approximately $12.7 billion. Bitcoin has fallen below $73,000.
The contraction in stablecoins is more telling than ETF outflows; it reflects the level of buying pressure in the market, not the paper value of holdings. Coinbase's next target is $66,000 to $68,000, provided the price fails to consistently recover to $73,000.
#比特币 #稳定币 # Fund Flow