The U.S. October Consumer Price Index rose 0.4 percent, exceeding the 0.3 percent forecast. Bitcoin dipped below $74,000 within minutes of the report's release, trading at $73,282—a 2.7 percent decline over 24 hours as liquidity pulled back sharply.
The beat fuels a hawkish shift in Federal Reserve expectations. Traders now price in an 8 percent probability of a 50 basis point rate hike at the December meeting, up from near zero. Fed funds futures repriced immediately. U.S. Treasury yields surged, with the two-year yield climbing 12 basis points to 5.15 percent, making risk assets less appealing as institutional capital rotates toward yield.
On-chain metrics confirm immediate de-risking. Bitcoin showed a net outflow of 1,800 BTC from accumulation addresses in the last six hours, reversing a week-long trend of positive inflows. Long-term holders are pausing positions during macro uncertainty. Exchange order books saw increased sell-side pressure, with bids below $73,000 quickly absorbed, signaling weak buyer conviction at current levels. Derivatives markets saw rapid unwinding of leveraged longs.
Ethereum trades at $2,035, down 4.8 percent over 24 hours. Solana fell to $82.69. The Crypto Fear & Greed Index dropped to 32, signaling 'Fear' across the market, a sharp reversal from 'Greed' levels earlier this week. Bitcoin futures open interest saw over $150 million in long liquidations in four hours as prices fell.
