Hot CPI (3.7% YoY, above the 3.6% forecast) plus the biggest PPI jump since March 2022 put a Fed rate hike back on the table this week. Hike odds for the October 28 meeting spiked as high as 55%, and BTC tagged sub-$80K on the scare.
By Friday, CME FedWatch had odds back down to 12.7% - basically where they sat before the data ever printed. The whole move priced in and unwound inside 48 hours.
Here's the part worth watching: BTC's bounce back to $82K happened without the ETF crowd showing up. Spot Bitcoin ETFs took in just $5M on Thursday, a day after $261M walked out the door. Demand round-tripped to near zero while price recovered - which means this leg is getting bid by someone other than allocators.
Basis traders rolling positions, shorts covering into a non-event, or just thin weekend liquidity doing the work? Curious how other desks are reading this one.
#TokenBot #Bitcoin #Crypto #TradingSignals $BTC $TBOT
tokenbot.com
By Friday, CME FedWatch had odds back down to 12.7% - basically where they sat before the data ever printed. The whole move priced in and unwound inside 48 hours.
Here's the part worth watching: BTC's bounce back to $82K happened without the ETF crowd showing up. Spot Bitcoin ETFs took in just $5M on Thursday, a day after $261M walked out the door. Demand round-tripped to near zero while price recovered - which means this leg is getting bid by someone other than allocators.
Basis traders rolling positions, shorts covering into a non-event, or just thin weekend liquidity doing the work? Curious how other desks are reading this one.
#TokenBot #Bitcoin #Crypto #TradingSignals $BTC $TBOT
tokenbot.com