Bitcoin faces selling pressure from ETF outflows and miner liquidations as investors await October CPI data, while Avalanche rallies 5% following a partnership with the NYSE.
Bitcoin is down 1.4% since midnight UTC around $74,148 while stocks rallied, with spot bitcoin ETFs bleeding $201 million on Monday and about $1.5 billion since Nov 2. MARA's sale of 13,597 BTC for around $1.1 billion plus plans to sell more add supply, and some 108,700 wallets have emptied since Oct 16. Traders are also fully pricing in a Fed rate hike ahead of today's CPI, limiting upside.
The New York Stock Exchange picked Avalanche to settle trades on a planned 24/7 tokenized securities platform, and the token is already up around 5% over the past 24 hours. A major traditional exchange endorsement is a concrete demand driver for the token, though the platform is still only planned and details on volumes are absent.
Brent crude fell below $90 for the first time since August as recovering regional oil flows and reports that Iran may soften its position on the Strait of Hormuz eased supply-shortage concerns. De-escalation hopes directly reduce the geopolitical risk premium in the price, though hopes can reverse quickly.
MARA disclosed it sold 13,597 BTC for around $1.1 billion over the past six weeks and plans to sell more, shrinking its bitcoin treasury while bitcoin trades around $74,148 amid $1.5 billion of ETF outflows since Nov 2. The sale raises $1.1 billion in liquidity but signals continued supply pressure on its core holding, a negative read for the stock while BTC sentiment is weak.
The HYPE token is testing trendline support at $72-$74 with a weekly RSI of 52 and trades below its 50-day exponential moving average, leaving the short-term bias flat-to-down. Upside depends on market liquidity and whether the Elysium layer-2 debut attracts sticky TVL rather than a sell-the-news fade.
Bitcoin decoupled from rallying U.S. stocks on Tuesday, pressured by $1.5 billion in spot ETF outflows since Nov 2 and MARA Holdings' disclosure that it sold 13,597 BTC for $1.1 billion. Markets are now focused on the 8:30 a.m. ET CPI report, with traders fully pricing in a Federal Reserve rate hike.
Bitcoin broke its recent correlation with stocks: while the Nasdaq Composite rose 2.7%, bitcoin slipped, weighed down by ETF outflows of about $1.5 billion since Nov 2 and MARA selling 13,597 BTC.
Possibly. Forecast CPI of 0.3% headline and 0.2% core is slower than September, and the article says the data could help underpin the largest cryptocurrency, though analysts warn relief may not be enough.
The NYSE chose Avalanche to settle trades on a planned round-the-clock tokenized securities platform, and the token gained around 5% over the past 24 hours on the news.
Brent dropped below $90 for the first time since August because recovering regional oil flows and reports that Iran may soften its stance on the Strait of Hormuz have eased fears of supply shortages.
The article discloses MARA sold 13,597 BTC for about $1.1 billion in six weeks and plans further sales; reducing its BTC holdings while bitcoin is weak and ETF outflows mount is a negative signal for the stock.
The token holds a flat-to-down short-term bias below its 50-day moving average, with support at $72-$74; near-term upside hinges on liquidity and whether the Elysium layer-2 launch draws lasting total value locked.