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.