Bitcoin faces pressure from $1.282 billion in ETF outflows and a tech-sector slump, while Coinbase secures a full U.S. trust charter amid broader market volatility.
Spot bitcoin ETFs saw a $1.282 billion weekly net outflow, the largest since the week of June 22-28, pushing YTD flows $914 million into the red. Bitcoin slid to $74,000 and over $1 billion in bullish bets were liquidated. Without renewed ETF inflows, analysts see a sustained rally as difficult even if Tuesday's CPI comes in soft.
CEO Jensen Huang admitted to an affair with a woman the US intelligence community believes was a Chinese spy, and the board has opened an investigation. Shares fell about 4% in premarket trading Monday, with tokenized and futures versions dropping similarly. An ongoing board probe adds uncertainty over coming days.
Coinbase received a full U.S. trust charter from the federal banking regulator, a concrete regulatory approval that expands its standing as a regulated financial institution. However, the broader crypto market backdrop is weak, with bitcoin at $74,000 and heavy ETF outflows that could dampen the stock's reaction.
The Nasdaq has notched a five-week losing streak amid jitters in AI and tech stocks, and the Nvidia CEO scandal adds a fresh overhang heading into the new week. Tuesday's CPI is the key potential inflection: a soft print could pull yields lower and relieve pressure.
The US 10Y eased to 4.85% and Bunds and Gilts also rallied modestly. The article flags Tuesday's CPI as the week's key event: a softer-than-expected print could pull yields lower, though Marex notes lower yields are 'supportive at the margin, but not enough to offset persistent ETF outflows.'
Bitcoin has retreated to $74,000 following a massive $1.282 billion weekly outflow from spot bitcoin ETFs, the largest since June. The market is also grappling with a tech-sector selloff triggered by an investigation into Nvidia CEO Jensen Huang, whose shares fell 4% in premarket trading. Investors are now looking to Tuesday's U.S. CPI print for potential relief as bond yields hover at 4.85%.
Spot bitcoin ETFs are treated as a proxy for institutional demand, and last week they shed $1.282 billion, flipping year-to-date flows to negative. The article notes that without renewed inflows, a sustained rally has proven difficult.
Tuesday's U.S. consumer price index is the key event: a softer-than-expected inflation print could pull bond yields lower and give risk assets a tailwind, though analysts say lower yields alone haven't offset the ETF outflows so far.
On Sunday evening, media including CNBC reported that CEO Jensen Huang admitted to an affair with a woman alleged to be a Chinese spy, and Nvidia's board opened an investigation. Shares fell about 4% in premarket trading Monday.
Coinbase obtained a full U.S. trust charter from the federal banking regulator, according to the news feed, a significant regulatory milestone for the company.
Tuesday's U.S. consumer price index. A softer-than-expected inflation print could pull bond yields lower and give risk assets a tailwind.
It eased to 4.85%. Tuesday's U.S. consumer price index is the main event; a softer print could pull yields lower, while a hot one would do the opposite.