Coinbase Institutional’s November 13 weekly report, “From Hack to Hawk,” said the main driver of Bitcoin’s latest decline was not the Binance hack in late October, but changing expectations for Federal Reserve rate hikes. October nonfarm payrolls increased by 165,000, and October CPI rose 0.4% month over month, both above expectations. The market has fully priced in a 25-basis-point Fed rate hike in December, with expectations for cumulative rate hikes over the next 12 months at around 64 basis points, up from 37 basis points in early November. The report also noted that U.S. spot Bitcoin ETFs saw net outflows of $1.44 billion over the five trading days leading up to November 11, while stablecoin supply contracted by $11.5 billion over 30 days, a record amount; Bitcoin holders had approximately $12.7 billion in unrealized losses. Bitcoin has fallen below the key support level of $73,000. The report said that if it remains below this level, the likelihood of a further drop into the $66,000–$68,000 range will rise significantly; if that range fails to hold, the next key level is around $62,000. As of November 14, Bitcoin was trading at around $67,000, down nearly 12% this week. (Source: Coinbase Institutional weekly report, as reported by Coinpedia, Crypto Briefing, TokenPost, and others)$BTC $ETH