Markets are bracing for the latest US Consumer Price Index (CPI) data, with analysts warning the inflation print could determine whether risk assets rally into year-end or face renewed pressure. Key Takeaways: Markets are watching the CPI print closely, as it could shape rate-cut expectations and decide whether risk assets rally into year-end. Bitcoin remains range-bound near $85K as mixed US macro data keeps risk appetite muted. ETF inflows and falling leverage suggest buyers are beginning to defend ...

Market Overview - Bitcoin traded around $90,600 to $91,400, with a recent peak of approximately $91,800, indicating a tight trading range [1] - Global equity markets are on track for their best week since June, driven by expectations of Federal Reserve interest rate cuts [2][5] - Asian equities showed mixed performance, with South Korea and Japan indexes declining while Australia saw slight gains [4] Federal Reserve Expectations - Futures markets indicate an 80% to 85% chance of a quarter-point interest rate cut next month, with expectations for three reductions by the end of 2026 [5] - Recent jobs data and comments from Fed officials have strengthened the case for a potential rate cut in December [7][8] Cryptocurrency Market - US spot Bitcoin ETFs are experiencing slower inflows compared to earlier in the year, but still maintain a positive trend [9] - Current cryptocurrency market cap stands at $3.18 trillion, with Bitcoin at $90,868, Ether at $3,001, and XRP at $2.17, reflecting slight declines [10] China Market Focus - JPMorgan has upgraded its view on the Chinese market to overweight, citing potential upside despite ongoing pressures in the property sector [4]

Group 1 - The US spot Bitcoin ETFs experienced a significant weekly outflow of $1.11 billion from November 10 to 14, marking the third consecutive week of outflows [1] - BlackRock's ETF IBIT recorded the largest net outflow of $532.41 million last week, while its cumulative net inflow reached $63.79 billion [1] - Grayscale Bitcoin Mini Trust logged a net weekly outflow of nearly $290 million, with its total historical net inflow also at $63.79 billion [2] Group 2 - The total net asset value of spot Bitcoin ETFs is $125.34 billion, representing a net asset ratio of 6.67% of the Bitcoin market cap [2] - Simon Gerovich, CEO of Metaplanet, stated that Bitcoin ETFs provide fixed exposure to Bitcoin and do not undermine the strengths of Bitcoin treasury companies [3] - Przemysław Kral, CEO of zondacrypto, highlighted the impact of weekend liquidity on market movements and noted that long-term investors have opportunities to accumulate tokens at lower rates [4] Group 3 - The massive outflows from Bitcoin ETFs have coincided with a decline in Bitcoin prices, with Bitcoin hitting a six-month low at $95,200 [4] - The cryptocurrency market experienced widespread liquidations totaling $617.45 million within 24 hours, with Bitcoin accounting for $243.56 million of that total [5] - The total cryptocurrency market capitalization fell to $3.31 trillion, down 0.9% from previous levels [5]

Core Insights - Institutional appetite for crypto assets has weakened, with digital asset investment products recording $1.17 billion in outflows, marking a second consecutive week of losses amid market volatility and macroeconomic uncertainty [1][9] Fund Flow Data - Trading volumes in exchange-traded products (ETPs) remained high at $43 billion, but investor sentiment is fragile following the liquidity cascade on October 10 [3] - A midweek rebound on optimism regarding a potential U.S. government shutdown resolution quickly faded, leading to further withdrawals by Friday [3] Market Performance - The U.S. market accounted for the majority of losses, with $1.22 billion in outflows, while Germany and Switzerland recorded inflows of $41.3 million and $49.7 million, respectively [4] - Bitcoin experienced significant redemptions, suffering $932 million in outflows, while Ethereum saw outflows of $438 million [4][9] Emerging Trends - Short Bitcoin ETPs saw inflows of $11.8 million, marking their strongest week since May 2025 [5] - Select altcoins showed resilience, with Solana leading inflows at $118 million, totaling $2.1 billion over nine weeks [5] - Other gainers included HBAR with $26.8 million and Hyperliquid with $4.2 million, indicating ongoing investor interest in emerging blockchain ecosystems [6] Redemption Details - U.S. spot Bitcoin ETFs experienced massive redemptions, with $1.22 billion in net outflows, marking the third-largest weekly withdrawal on record [6] - Friday alone accounted for $558.4 million in outflows, the largest single-day loss since August, while Ethereum ETFs lost $508 million [7] Price Movements - Despite institutional outflows, Bitcoin's price climbed 4.4%, briefly surpassing $106,000, suggesting resilience in retail activity and spot demand [7][9] Market Sentiment - Factors such as inflation fears, central bank rate hikes, and geopolitical risks have contributed to risk aversion across markets [8]

Core Insights - Digital asset funds experienced significant inflows of $3.17 billion last week, despite market turbulence from US-China tariff tensions [1][9] - Year-to-date inflows reached a record $48.7 billion, surpassing the total for the entire year of 2024 [3][9] Trading Activity - Investment products saw a rally even as major cryptocurrencies faced sharp corrections, with only $159 million in outflows on Friday, indicating limited investor panic [3] - Digital asset exchange-traded products (ETPs) recorded a record weekly trading volume of $53 billion, more than double the 2025 average, with Bitcoin attracting $2.67 billion in inflows [4][9] - The busiest trading day occurred on Friday, with a daily turnover of $15.3 billion [4] Bitcoin and Ethereum Performance - Despite a 7% price drop following tariff announcements, Bitcoin volumes reached a new daily high of $10.4 billion [5] - Ethereum saw inflows of $338 million during the week, but experienced the largest single-day outflow among major assets with $172 million on Friday [5] Institutional Demand - US spot Bitcoin ETFs maintained strong momentum with $2.71 billion in weekly inflows, reflecting sustained institutional demand [6][9] - Total assets under management in digital asset funds climbed to $158.96 billion, representing nearly 7% of Bitcoin's total market cap [6] Weekly Highlights - The standout session occurred on Monday, with funds posting $1.21 billion in inflows, the second-largest daily total since the debut of spot ETFs [7] - Sentiment cooled on Friday, with Bitcoin ETFs recording a small outflow of $4.5 million following President Trump's tariff announcement [7]

Core Insights - Over $600 million flowed into US spot Bitcoin ETFs and over $300 million into Ethereum ETFs, marking a significant reversal from previous outflows in September [1][2] - Bitcoin's price has recovered to approximately $120,000, raising expectations for a sustained rally fueled by new ETF capital [1][6] Group 1: Bitcoin ETF Inflows - US Bitcoin ETFs recorded a net inflow of $627 million on Thursday, with BlackRock's IBIT leading at $464 million [2] - This marks the fourth consecutive day of inflows for Bitcoin spot ETFs, indicating a shift in market sentiment [3][6] - Prior to this, Bitcoin ETFs experienced continuous outflows in late September, with over 16,000 BTC leaving the funds [3] Group 2: Ethereum ETF Inflows - Ethereum ETFs saw strong inflows, with BlackRock's ETHA leading at $177 million, followed by Fidelity and Bitwise [2] - In August, Ethereum ETFs had a net inflow of $3.87 billion, contributing to an 18.5% price increase, but September saw a drop to $285.74 million, leading to a 5.62% price decline [4] - The recent inflow of over $300 million in a single day is a positive sign for Ethereum ETFs, which had underperformed during the late September crypto rally [5]