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1. U.S. PPI inflation data came in above expectations, prompting the market to raise expectations for Fed rate hikes. U.S. Treasury yields rose and the U.S. dollar strengthened, putting pressure on non-yielding risk assets, with the macro environment leaning bearish.
2. The market is awaiting CPI inflation data, while funds are actively reducing risk exposure and short-term risk aversion is intensifying.
Market logic
Expectations of macro tightening are weighing on crypto assets. Combined with spot outflows and continued deleveraging by longs, BTC and ETH have ample downside momentum in the sh