【Midday Deep Dive | BTC Falls Below $70K, and Hackers Aren’t to Blame】
📉 $BTC fell below $70,000, hitting its lowest level since August. Crypto liquidations across the market topped $1.6 billion, the Fear & Greed Index was just 20 (extreme fear), and $ETH fell below $2,000.
Coinbase Institutional Research said bluntly that the main cause of this downturn wasn’t the Binance hack, but a reversal in Fed expectations: October’s jobs report and CPI both came in above expectations, and markets have now fully priced in a 25-basis-point rate hike in December, with cumulative hikes of 64 basis points over the next 12 months.
Three key signals from the market:
• Stablecoin supply saw a record contraction of $11.5 billion in 30 days
• Spot BTC ETFs saw net outflows of $880 million this week, with IBIT recording its largest single-day outflow of $270 million
• ETF holders are sitting on roughly $12.7 billion in unrealized losses overall
Adding insult to injury: MSCI announced that it will remove Strategy from its major indices on December 1, potentially triggering $2.8 billion in selling. If other index providers follow suit, JPMorgan estimates the figure could reach as high as $8.8 billion.
Coinbase cautioned that if $73,000 fails to hold, the next support zone is $66,000–$68,000. Extreme fear is often a contrarian indicator, but catching a falling knife during a rate-hiking cycle still calls for caution.
NFA | DYOR
#Bitcoin #BTC #加密货币 #美联储 #ETF
📉 $BTC fell below $70,000, hitting its lowest level since August. Crypto liquidations across the market topped $1.6 billion, the Fear & Greed Index was just 20 (extreme fear), and $ETH fell below $2,000.
Coinbase Institutional Research said bluntly that the main cause of this downturn wasn’t the Binance hack, but a reversal in Fed expectations: October’s jobs report and CPI both came in above expectations, and markets have now fully priced in a 25-basis-point rate hike in December, with cumulative hikes of 64 basis points over the next 12 months.
Three key signals from the market:
• Stablecoin supply saw a record contraction of $11.5 billion in 30 days
• Spot BTC ETFs saw net outflows of $880 million this week, with IBIT recording its largest single-day outflow of $270 million
• ETF holders are sitting on roughly $12.7 billion in unrealized losses overall
Adding insult to injury: MSCI announced that it will remove Strategy from its major indices on December 1, potentially triggering $2.8 billion in selling. If other index providers follow suit, JPMorgan estimates the figure could reach as high as $8.8 billion.
Coinbase cautioned that if $73,000 fails to hold, the next support zone is $66,000–$68,000. Extreme fear is often a contrarian indicator, but catching a falling knife during a rate-hiking cycle still calls for caution.
NFA | DYOR
#Bitcoin #BTC #加密货币 #美联储 #ETF