Here's what happened when one inflation print came in a little hotter than the market had priced.
If you've ever sat in a leveraged long into a macro number, you know the pain. Conviction doesn't matter once the liquidations start, and a lot of people find out their exit plan was just hope.
Nearly $1 billion in leveraged crypto positions were wiped in about 24 hours as $BTC fell toward $81K and $ETH dropped more than 6%. September CPI rose 3.7% year over year, slightly above expectations, and core inflation came in hotter than forecast as well. A Fed rate hike slipped back into the conversation, and stocks and other risk assets sold off alongside crypto.
It rhymes with 2022, when hot inflation prints kept knocking $BTC lower until the rate path actually changed. Prices are much higher this time, and the leverage came out in a day rather than a slow bleed, but the lesson is the same. When positioning is crowded, macro still sets the tone.
Where do you think this goes from here if the next print stays hot?
#Bitcoin #CPI #Crypto
If you've ever sat in a leveraged long into a macro number, you know the pain. Conviction doesn't matter once the liquidations start, and a lot of people find out their exit plan was just hope.
Nearly $1 billion in leveraged crypto positions were wiped in about 24 hours as $BTC fell toward $81K and $ETH dropped more than 6%. September CPI rose 3.7% year over year, slightly above expectations, and core inflation came in hotter than forecast as well. A Fed rate hike slipped back into the conversation, and stocks and other risk assets sold off alongside crypto.
It rhymes with 2022, when hot inflation prints kept knocking $BTC lower until the rate path actually changed. Prices are much higher this time, and the leverage came out in a day rather than a slow bleed, but the lesson is the same. When positioning is crowded, macro still sets the tone.
Where do you think this goes from here if the next print stays hot?
#Bitcoin #CPI #Crypto