Coinbase Institutional says Fed rate expectations, not Binance hack, drove Bitcoin's fall below $73,000
Coinbase Institutional's weekly report attributed Bitcoin's recent decline primarily to shifting Fed policy expectations rather than the Binance hack. The report cited October nonfarm payrolls and CPI beating expectations, markets fully pricing a 25 bps December rate hike and 64 bps of hikes over the next 12 months, Bitcoin falling below key support at $73,000, a record $11.5 billion 30-day stablecoin supply contraction, and $1.44 billion of net outflows from U.S. spot Bitcoin ETFs over the five trading days leading up to Nov. 11. It also estimated roughly $12.7 billion in aggregate unrealized losses among ETF holders and warned that a sustained break below $73,000 would significantly raise the likelihood of a decline toward the $66,000–$68,000 support zone.
Coinbase Institutional's weekly report attributed Bitcoin's recent decline primarily to shifting Fed policy expectations rather than the Binance hack. The report cited October nonfarm payrolls and CPI beating expectations, markets fully pricing a 25 bps December rate hike and 64 bps of hikes over the next 12 months, Bitcoin falling below key support at $73,000, a record $11.5 billion 30-day stablecoin supply contraction, and $1.44 billion of net outflows from U.S. spot Bitcoin ETFs over the five trading days leading up to Nov. 11. It also estimated roughly $12.7 billion in aggregate unrealized losses among ETF holders and warned that a sustained break below $73,000 would significantly raise the likelihood of a decline toward the $66,000–$68,000 support zone.
Key facts
- Coinbase Institutional's weekly report attributed Bitcoin's recent decline primarily to shifting Fed policy expectations rather than the Binance hack.
- Per the report, October nonfarm payrolls and CPI both exceeded expectations.
- Per the report, markets fully price in a 25 bps Fed rate hike in December and 64 bps of hikes over the next 12 months.
- Bitcoin fell below key support at $73,000, per the report.
- Per the report, stablecoin supply contracted by a record $11.5 billion over the past 30 days.
- Per the report, U.S. spot Bitcoin ETFs recorded $1.44 billion in net outflows over the five trading days leading up to Nov. 11.
- The report estimated ETF holders are sitting on roughly $12.7 billion in aggregate unrealized losses.
- Coinbase Institutional warned that a sustained move below $73,000 would significantly increase the likelihood of a decline toward the $66,000–$68,000 support zone.
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Coinbase Institutional says Fed rate expectations, not the Binance hack, sank Bitcoin Bitcoin's sensitivity to Fed rate expectations highlights its growing correlation with macroeconomic factors, overshadowing isolated industry events. The post Coinbase Institutional says Fed rate expectations, not the Binance hack, sank Bitcoin appeared first on Crypto Briefing .
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Coinbase Institutional: Fed Rate Expectations, Not Binance Hack, Drive Bitcoin’s Recent Decline Coinbase Institutional said in its weekly report that Bitcoin’s recent decline was driven primarily by shifting Fed policy expectations rather than the Binance hack. October nonfarm payrolls and CPI both exceeded expectations, with markets fully pricing in a 25 bps rate hike in December and 64 bps of hikes over the next 12 months. Bitcoin fell below key support at $73,000, while stablecoin supply contracted by a record $11.5 billion over the past 30 days. U.S. spot Bitcoin ETFs recorded $1.44 billion in net outflows over the five trading days leading up to Nov. 11, with ETF holders sitting on approximately $12.7 billion in aggregate unrealized losses. Coinbase Institutional warned that a sustained move below $73,000 would significantly increase the likelihood of a decline toward the $66,000–$68,000 support zone.
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