Bitcoin just lost $70K too and the mood out there is rough.
BTC is sitting around $68,700 now, down from above $74,000 just a few days ago. The slide keeps stacking reasons. Hot inflation data has traders pricing a December Fed hike, spot Bitcoin ETFs have bled for five straight sessions, and Nvidia losing its CEO has chip stocks dragging everything else down with them.
But here is the part nobody is talking about enough. Hedge funds actually cut their CME Bitcoin net shorts by 89 percent, down to the lowest since February 2023. The basis trade stopped paying, so they walked away. And Bitfinex says the line that matters is $75,717, the short-term holder cost basis. Get back above that with three straight days of ETF inflows and the whole picture flips.
Nvidia reports earnings on November 17, and the next inflation reading lands December 10. Those two dates probably decide whether this is the flush everyone has been waiting for or the start of a longer reset.
So what do you think actually kicks off the next rebound, a Fed surprise, Nvidia earnings, or ETF money coming back first? $BTC #WhatWillDriveCryptoandStocks’NextRebound? #BinancePick
BTC is sitting around $68,700 now, down from above $74,000 just a few days ago. The slide keeps stacking reasons. Hot inflation data has traders pricing a December Fed hike, spot Bitcoin ETFs have bled for five straight sessions, and Nvidia losing its CEO has chip stocks dragging everything else down with them.
But here is the part nobody is talking about enough. Hedge funds actually cut their CME Bitcoin net shorts by 89 percent, down to the lowest since February 2023. The basis trade stopped paying, so they walked away. And Bitfinex says the line that matters is $75,717, the short-term holder cost basis. Get back above that with three straight days of ETF inflows and the whole picture flips.
Nvidia reports earnings on November 17, and the next inflation reading lands December 10. Those two dates probably decide whether this is the flush everyone has been waiting for or the start of a longer reset.
So what do you think actually kicks off the next rebound, a Fed surprise, Nvidia earnings, or ETF money coming back first? $BTC #WhatWillDriveCryptoandStocks’NextRebound? #BinancePick
