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Why Bitcoin dipped under $80K and came back

Economists expected September CPI at 3.6% a year, and last Wednesday's report showed 3.7%, with core also above forecast at 2.6%. The next day, producer prices came in up 6.3% over the year, the biggest jump since 2022, and BTC slid toward $81,500. The Fed already hiked to 3.75%–4.00% in September, but traders have since calmed down: prediction markets now put the odds of a hold on October 28 at 84–88%, though a December hike is about 78% priced.

Oil is still a drag, with Brent near $110. After two weeks of outflows, spot Bitcoin ETFs took in $527M on Monday, their biggest day since September 22, with BlackRock's IBIT alone adding $665M. BTC briefly dipped to $79,806 last week and trades at about $82,700 this morning, down 1.2% over seven days. The 50-day average near $81,700 is the support to watch, and $84,000–$84,500 is the line to break.

bulls on hold

Gainers & Losers

Quack AI's Q ran up 180% as leveraged traders piled in, with futures volume at 25 times spot and $8.4M of shorts wiped out in one morning. DOOD, the Doodles token on Solana, doubled to about $0.0029 with no news from the project behind the move. Impossible Cloud Network's ICNT gained 94% as money rotated into small caps and the Altcoin Season Index climbed to 59. EPIC went the other way, losing 54% after Binance said it would delist the token on October 28.

Quack AI Q

$0.12 ▴ 139.10%

get Q

Doodles DOOD

$0.0045 ▴ 213.89%

get DOOD

Impossible Cloud Network ICNT

$0.20 ▴ 76.68%

get ICNT

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ETH funds see steady outflows

ETH is at about $2,440, up 1.5% in a day but still down on the week. Ethereum ETFs lost $320M from October 12 to 16, then another $103M on Monday and $26M on Tuesday. Almost all of it came out of BlackRock's ETHA, while Fidelity's FETH keeps picking up small inflows. Bitcoin funds are buying again this week, and ETH funds are still selling.

explore ETH price

SOL gets its biggest upgrade today

SOL trades at about $106, roughly 15% below its late-September peak. Alpenglow goes live on mainnet today at around 14:50 UTC and aims to cut Solana's finality from about 12.8 seconds to 150 milliseconds. Solana ETFs have seen outflows since late September, about $4.2M a day on average, the most this year. Between October 1 and 16, $54.9M left the funds.

will it recover?

USDC becomes the EU's first "significant" stablecoin

On October 14 the European Banking Authority classified USDC as a significant e-money token under MiCA, the first of 45 notified in the EU. From November 12, the EBA directly supervises its reserves, liquidity and redemption plans, while France's ACPR keeps governance. For Circle, that means the EBA itself will check USDC's reserves starting next month.

buy USDC

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