Crypto · $BTC/USD
Bitcoin Falls Below $73,000 for the First Time Since August as Hot CPI Lifts Fed Hike Bets and ETF Outflows Persist
Image: EivindPedersen via Pixabay
The move extends a slide that began before the inflation report, with spot ETF redemptions and positive put skew in options markets.
By Noris Ortiz ·
Bitcoin dropped below $73,000 on Tuesday for the first time since August, after a hotter-than-expected U.S. inflation report strengthened expectations that the Federal Reserve will raise interest rates in December. CoinDesk's live coverage showed bitcoin falling below that level at 11:46 a.m. ET and noted it was a new low for the current cycle [1].
The slide had started earlier in the day. At 5:41 a.m. ET, bitcoin was trading near $74,000, down just over 1% [1]. The Bureau of Labor Statistics then reported at 8:30 a.m. that consumer prices rose 0.4% in October, above the 0.3% economists expected, while prices excluding food and energy rose 0.3%, above the 0.2% forecast [3][4]. Bitcoin slipped about 1% to $73,600 after the release, and the two-year Treasury yield rose 14 basis points to 4.69% as the 10-year yield rose 6.5 basis points to 4.93%, CoinDesk reported [1]. By 10:31 a.m. ET, bitcoin was barely holding $73,000, its weakest level since Aug. 20 and down 3% over 24 hours, while ether, XRP and Solana each fell close to 6% [1].
Rate expectations are central to the move. CME FedWatch data showed about an 85% chance of a quarter-point Fed hike in December and a 15% chance of a half-point increase, according to Reuters [4]. Higher expected rates tend to pull money toward yield-bearing assets and away from non-yielding ones such as bitcoin and gold, which also fell, by about 2%, after the report [4].
Flows into exchange-traded products were already weak. U.S. spot bitcoin ETFs lost $201 million on Monday, according to Farside Investors data cited by CoinDesk, with BlackRock's IBIT leading at $213.2 million in outflows and extending a streak to seven straight sessions of redemptions [2]. U.S. spot ether ETFs lost $184.6 million that day [2].
Derivatives positioning leaned cautious. CoinDesk reported that crypto futures liquidations had dropped about 84% to $184 million over 24 hours, from more than $1 billion on Monday, so the latest slide has so far been more orderly than the prior session's [2]. In options, one-week bitcoin skew was positive at about 10%, meaning puts carried a premium over calls, and the most-traded contract was the $74,000 put expiring Nov. 13 [2]. One-week at-the-money implied volatility was about 38% [2]. Bitcoin was already below that strike by midday.
Corporate selling is another overhang. Citing Lookonchain, CoinDesk reported that 14 public companies sold a combined 108,247 bitcoin in 2026, worth about $8.08 billion, including 40,581 sold by MARA at an average price of $74,446 and 20,264 sold by Riot at $73,231 [1]. Those figures show that some miners and treasury holders have sold near today's levels.
The price path this year has been volatile. CoinDesk noted a February crash to about $60,000, a mid-May rebound above $82,000, a drop back to $60,000 in late June and a rebound to the mid-$80,000s in late September before the current decline [1]. Traders will watch whether bitcoin can stabilize above the roughly $72,000 to $73,000 area, whether spot ETF outflows continue, and how the Fed's rate path evolves ahead of its December meeting.
Sources:
[1] CoinDesk, "Live news: Bitcoin falls to nearly three-month low after disappointing inflation data", November 10, 2026. https://www.coindesk.com/markets/2026/11/10/live-news-traders-price-in-fed-rate-hike-for-december-as-bitcoin-and-gold-retreat
[2] CoinDesk, "Bitcoin (BTC) price slips as ETF outflows mount ahead of U.S. CPI data: Crypto Markets Today", November 10, 2026. https://www.coindesk.com/markets/2026/11/10/bitcoin-lags-stock-rebound-in-advance-of-u-s-inflation-report
[3] U.S. Bureau of Labor Statistics, "Consumer Price Index News Release - 2026 M10 Results", November 10, 2026. https://www.bls.gov/news.release/archives/cpi_11102026.htm
[4] Reuters (via Investing.com), "Hot October inflation report rattles markets", November 10, 2026. https://www.investing.com/news/economic-indicators/hot-october-inflation-report-rattles-markets-5015775
This article was produced with AI assistance. It is for informational purposes only and is not financial advice. StockVolt and its authors may hold positions in securities mentioned.