Bitcoin sits out the stock market rebound as ETF outflows reach $95 million and futures liquidations surge 288% following hawkish inflation data.
CoreWeave's earnings beat estimates, sending Nasdaq-100 contracts up 1.7% early Wednesday and reviving the AI outlook, with headlines crediting the results for the stock-index rebound. An earnings beat is a direct positive for the shares in the session ahead.
Zcash fell around 13-14% in 24 hours as leveraged longs were wiped out, leading altcoin liquidations at $40.3 million, with open interest dropping 10.5%, a sign of outright capital exit. Money is also leaving Grayscale's Zcash ETF, extending selling pressure into the coming days.
October CPI rose 0.4%, more than forecast, and CME FedWatch puts the odds of a Fed rate increase at the Dec. 8-9 meeting at around 90%. A hawkish repricing toward higher rates typically supports the dollar in the coming days.
Spot bitcoin ETF outflows hit $95 million on Tuesday, the fourth straight day, with BlackRock's IBIT redeeming $78 million for an eighth consecutive session. Liquidations jumped 288% to $725 million and put volume on Deribit is 1.5x calls, signalling persistent downside hedging. A ~90% chance of a Fed rate hike on Dec. 8-9 after hot CPI adds macro pressure, though BTC held steady near $74,000, limiting the downside case.
Ether fell 1.7% over 24 hours to near $2,050 while its futures liquidations of $253 million exceeded bitcoin's despite open interest of $25.2 billion being half the size, indicating capital is leaving the market faster. Open interest fell 3.6% against the 1.7% price drop. Positive but muted funding offers only weak support.
Gram leads the CoinDesk 100, up around 5% since midnight UTC, after Telegram founder Pavel Durov said more than 700,000 wallets were created in the app within 48 hours. The user-growth figure is a concrete adoption datapoint driving the token higher while most of the market is flat or down.
Nvidia fell 5.5% on Tuesday, and open interest in its TradFi-linked perpetual futures rose 50% to $411 million, indicating traders are actively positioning around the move. The decline and surging derivatives interest point to continued volatility in the shares.
Bitcoin remains rangebound near $74,000 as investors digest a 90% probability of a Federal Reserve rate hike in December following a hot 0.4% October CPI print. While Nasdaq-100 futures rallied 1.7% on strong CoreWeave earnings, crypto markets faced heavy selling pressure, with $725 million in futures liquidations and four consecutive days of net outflows from U.S. spot bitcoin ETFs.
CoreWeave's earnings came in above estimates, lifting Nasdaq-100 futures 1.7% and reviving the AI outlook.
Leveraged long positions were liquidated ($40.3 million, the most among altcoins), open interest fell 10.5%, and money exited Grayscale's Zcash ETF, pushing the price down around 14% in 24 hours.
Consumer prices rose a greater-than-forecast 0.4% in October, pushing the chance of a Fed rate hike at the Dec. 8-9 meeting to about 90%, which is supportive for the dollar.
Bitcoin ETFs saw outflows for a fourth straight day ($95 million Tuesday), liquidations surged to $725 million, and odds of a Fed rate hike in December rose to about 90% after hot inflation data, so bitcoin sat out the stock rebound.
When investors pull money from spot bitcoin ETFs, the funds sell bitcoin, adding selling pressure. BlackRock's IBIT alone lost $78 million on Tuesday, its eighth straight day of redemptions.
Ether fell 1.7% over 24 hours to around $2,050, and liquidations of $253 million were even larger than bitcoin's, suggesting traders exited positions quickly.
Telegram founder Pavel Durov reported more than 700,000 wallets were created in the app within 48 hours, and gram rose around 5% since midnight UTC to lead the CoinDesk 100.
The stock fell 5.5% on Tuesday and open interest in Nvidia perpetual futures jumped 50% to $411 million, with $2.0 billion traded, showing heavy speculative positioning.