Carrillo J.M.TL;DR
- Price Drop: Bitcoin has fallen 5.6% to just over $69,300 after a concentrated liquidation, hitting a 24-hour low of $67,922.
- Weak Demand: Analyst Tim Sun cited six days of U.S. Bitcoin ETF outflows, shrinking stablecoin supply, and MSCI removing Strategy as key supports fading.
- Macro Pressure: Hotter than expected October CPI of 0.4% raised Fed rate hike odds to 97% on Polymarket and 88% for a 25 basis point move on CME FedWatch.
Bitcoin has dropped 5.6% on the day and is currently trading at just over $69,300 after hotter-than-expected consumer price index results. The move was triggered by a concentrated liquidation. Bitcoin fell to a 24-hour low of $67,922, its lowest level since mid-August. At the time of writing, BTC trades slightly above $69K after losing nearly 5% over the past day.
Liquidations and Weakening Demand
Bitcoin’s drop below $69,000 was directly triggered by a concentrated liquidation of leveraged long positions, according to Tim Sun, senior analyst at Hashkey. He noted the deeper issue lies in steadily weakening market demand. Sun highlighted U.S. Bitcoin ETFs recording six consecutive days of net outflows according to CoinGlass.
He also pointed to the shrinking supply of stablecoins and MSCI removing the digital-asset treasury firm Strategy from its funds. ETFs, stablecoin liquidity, and corporate treasuries have served as the primary pillars of capital supporting this Bitcoin rally. With all three coming under simultaneous pressure, the market is losing the marginal buying power that previously propelled Bitcoin prices higher.
Broader Market and Inflation Impact
Other major cryptocurrencies have also taken a hit. Ethereum has dropped 4.6% on the day to $1,953; BNB has slipped 4.7% to $639.46, and Solana is down 3.1% to $80.47. The global crypto market cap has dropped 4.6% over the past 24 hours to $2.39 trillion. It follows the U.S. CPI rising 0.4% in October, hotter than expected, even as the headline monthly rate eased to 0.4% from September’s 0.6%, according to CoinShares head of research James Butterfill.
More troubling was the composition. Food rose 0.5%, services remained firm, and core CPI increased 0.3%, with services excluding rent rising 0.5%. The inflation problem is therefore no longer easily dismissed as an oil story. Higher-than-expected CPI signals a potential Federal Reserve hike. Polymarket predictors put a 97% chance on the Fed raising interest rates this year, up from 75% at the start of the week.
The CME FedWatch tool shows an 88% chance of a 25-basis-point hike, with 12% anticipating a 50-basis-point rise. On top of the CPI, Bitcoin’s downward move comes after Nvidia CEO Jensen Huang resigned following reports of multiple affairs. Bitcoin faces pressure from both a liquidation cascade and fading support from key capital sources as demand for Bitcoin continues to weaken.
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