Bitcoin slipped even as U.S. stocks rebounded, with spot bitcoin ETFs losing $201 million on Monday. Traders now wait for October inflation data, which economists expect to show slower price increases.
Bitcoin fell to around $74,200 since midnight UTC, with an overnight low of $74,100, ahead of a U.S. inflation report forecast to show consumer price increases slowed in October.
The move came against a stronger backdrop for equities. The S&P 500 posted its best day since April 8, and the Nasdaq Composite rose 2.7%. Bitcoin, by contrast, is little changed over the past 24 hours.
Spot ETFs lose $201 million
U.S. spot bitcoin ETFs lost $201 million on Monday, according to Farside Investors. BlackRock's IBIT led with $213.2 million of outflows and has now posted seven straight sessions of redemptions.
U.S. spot ether ETFs lost $184.6 million on Monday, and ether fell 1.4% since midnight UTC to around $2,100.
Inflation data due at 13:30 UTC
The U.S. consumer price index is due at 13:30 UTC. Economists polled by Dow Jones expect headline inflation of 0.3% and core inflation of 0.2% for October, slower than September's 0.6% and 0.3%.
Derivatives trading cools
Crypto futures liquidations fell about 84% to $184 million in 24 hours, from more than $1 billion on Monday. Trading volume fell 8.55% to $165.2 billion, while open interest edged up 0.59% to $128.4 billion.
In bitcoin options, the 25-delta skew is positive across expiries, about 10% at one week, meaning puts carry a premium over calls, and the most-traded contracts are puts, led by the 74,000 put expiring Nov. 13.
Source: CoinDesk
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