U.S. stocks rose 3% last night, but crypto didn’t follow. This divergence is more worth watching than how far prices have fallen.

BTC is now at 74,445 (CME Bitcoin futures quote before the close on November 9, down 0.66%), and ETH at 2,127, down 1.1%. Both are at their lowest levels since August. U.S. spot ETFs saw $1.65 billion in outflows last week: $1.28 billion from BTC and $365 million from ETH, the worst week since the end of June. Meanwhile, total market liquidations reached $1.19 billion, mostly from long positions.

One thing is moving in a positive direction: On November 6, Coinbase received a formal national trust bank charter from the OCC, bringing its custody business under the federal regulatory framework, though it cannot take deposits or make loans. This lays a foundation for the long term, but no one is treating it as a reason to buy right now.

U.S. October CPI is due tonight at 21:30, and it’s the last report before the December rate decision. Year-over-year data is unavailable because data wasn’t collected during last year’s shutdown, so only the month-over-month figure can be watched. This kind of data is most likely to be used to dump the market—and just as likely to trigger a massive short squeeze.

My view: The 70k level will probably be tested again today. I’m staying put until the CPI comes out.

Will you wait for the data before making a move, or start buying in batches now? Share your position. #美国10月CPI即将公布