The global crypto market cap approached the $3.15 trillion milestone, marking a 2.6% rise within the last 24 hours.

Bitcoin ETFs Witness Inflows Despite Price Increase

Spot Bitcoin ETFs in the U.S. saw impressive inflows of $817.5 million on Wednesday, even as Bitcoin’s price rose 3.4%, reaching $90,500.

Mixed Performance Among Major Bitcoin ETFs

The latest data reveals mixed trends among Bitcoin-related ETFs. BlackRock’s IBIT ETF fell by 0.93%, holding $230.81M in assets, while Fidelity’s FBTC slipped 0.88% to $186.07M. ARKB and VanEck’s HODL ETF both saw declines of 0.96%, with $14.47M and $5.12M in assets, respectively. Bitwise’s BITB dropped 0.92% to $12.33M. However, Grayscale’s BTC gained 0.11%, valued at $61.30M.

BTC MINER OUTFLOW

On November 13, 2024, Bitcoin reached $90,485 as miner outflows surged to 16,926 BTC. This marked a significant spike, highlighting increased activity from miners possibly cashing out amid higher prices. The chart reflects an upward trajectory in BTC price, aligning with notable miner movements, suggesting potential impacts on market dynamics and liquidity as Bitcoin approaches new highs.

BTC Futures Open Interest Shows Growth

As of November 14, 2024, BTC futures open interest rose to $54.85 billion, a 4.5% increase. BTC’s price reached $90,464, reflecting heightened market activity and investor interest.

On November 14, 2024, BTC liquidations hit $31.92 million, with $13.99 million in short liquidations and $12.87 million in long liquidations. Notably, CoinEx led short liquidations at $14.16 million.

Bitcoin Achieves a New All-Time High

Following the release of the U.S. CPI report, Bitcoin soared to an all-time high of over $93,500. The inflation rate rose by 0.2% year-over-year in October, aligning with the anticipated 2.6%

U.S. Inflation Data’s Impact on Crypto

Higher-than-expected inflation figures raised concerns over possible Federal Reserve rate hikes. Despite these fears, the crypto market demonstrated resilience. The CME FedWatch Tool now shows a 58.7% likelihood of a 25 basis point rate cut by December, down from 63% prior to the report. The U.S. Dollar Index declined by 0.27% to 105.672, while the 10-year bond yield fell 0.88% to 4.397.

Upcoming U.S. Economic Reports to Watch

The U.S. Producer Price Index (PPI) report is set to be released today, with expectations of an increase from 1.8% in September to 2.3% in October, according to Investing.com. The U.S. retail sales report, scheduled for Friday, November 15, will offer insights into consumer spending trends. A predicted decrease from 0.4% to 0.3% could indicate weakening consumer confidence, potentially impacting financial markets and cryptocurrencies.