Bitcoin slips as ETF outflows build before U.S. inflation data
Crypto markets are treading cautiously before the release of U.S. October consumer price data, with bitcoin easing after a broader rebound in equities. The move comes as spot bitcoin ETFs record $201 million in net outflows and derivatives activity points to cooler trading conditions.
Highlights
- U.S. spot bitcoin ETFs saw $201 million in outflows Monday, driven by $213.2 million from BlackRock's IBIT, now at seven consecutive redemption sessions.
- Bitcoin hovers around $74,200, nearly flat over 24 hours, while U.S. stocks rebound and investors await CPI data expected at 0.3% headline and 0.2% core inflation increases.
- Crypto futures liquidations plunged 84% to $184 million; trading volume fell 8.55% to $165.2 billion, while open interest rose 0.59% to $128.4 billion, showing subdued market activity.
Market moves before CPI release
As reported by Coindesk, citing Farside Investors, U.S. spot bitcoin ETFs lose $201 million on Monday, led by $213.2 million of outflows from BlackRock's IBIT, which extends its run of redemptions to seven straight sessions.Bitcoin falls to about $74,200 since midnight UTC after touching an overnight low near $74,100. The cryptocurrency is little changed over the past 24 hours, even as U.S. stocks rebound on Monday, with the S&P 500 posting its best day since April 8 and the Nasdaq Composite rising 2.7% as part of a recovery from last week's AI-led selloff.
The U.S. consumer price index is due at 13:30 UTC. Economists polled by Dow Jones expect headline inflation to rise 0.3% and core inflation 0.2% in October, slower than September's 0.6% and 0.3%.
Derivatives activity signals cooler trading
Crypto futures liquidations fall about 84% to $184 million over 24 hours from more than $1 billion on Monday. Trading volume drops 8.55% to $165.2 billion, while open interest edges up 0.59% to $128.4 billion, suggesting more subdued positioning and limited fresh capital entering the market.The taker long-short volume ratio stands at 49.69% buying versus 50.31% selling, indicating an almost even split in market-order activity. In altcoins, open interest in AVAX, the token tied to the Avalanche blockchain, rises 13% over 24 hours against a 5% gain in price, a sign that futures inflows exceed what the price move alone would imply.
This adds to earlier discussion around the S&P 500 rally facing an earnings and interest-rate test amid elevated yields.
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