Key Takeaways
- • Bitcoin fell 0.26% to $83,453.4 by 02:00 ET (06:00 GMT) on Wednesday, trading in a tight range as traders held off on large positions ahead of U.S. consumer price index data, according to Investing.com.
- • Spot Bitcoin ETFs recorded $175.6 million in net inflows on Tuesday per SoSoValue, the highest level in nearly two weeks, though this followed a $681 million drawdown the prior week.
- • Broader crypto markets extended weak October losses, with Ethereum down 1.1% to $2,506.09, as profit-taking, risk aversion and rising Middle East-driven oil prices weighed on the sector.
- • Markets expect September CPI to show sticky inflation, which would reinforce bets on further Federal Reserve rate hikes in 2026, a scenario viewed as negative for crypto.
Summary
Bitcoin traded in a narrow range on Wednesday, slipping 0.26% to $83,453.4 by 02:00 ET (06:00 GMT), according to Investing.com. Broader cryptocurrency markets posted slightly larger losses, extending a weak start to October as a combination of profit-taking and risk aversion weighed on the sector. Caution over rising oil prices, linked to continued military tensions in the Middle East, also pressured crypto assets.
Some support came from a recovery in spot Bitcoin exchange-traded fund flows. Capital inflows reached $175.6 million on Tuesday, according to SoSoValue data, their highest level in nearly two weeks, following a sharp $681 million drawdown the prior week. Investing.com noted that flows had risen sharply in the third quarter but lost momentum in the first week of October, and that further inflows will likely depend on upcoming U.S. economic data and expectations for additional interest rate hikes.
Attention centered on U.S. consumer price index data due later on Wednesday, which is expected to show inflation remained largely sticky in September and likely picked up from August. Investing.com reported that sticky CPI would strengthen the case for further Federal Reserve rate increases, a backdrop that bodes poorly for crypto markets. The sector was previously pressured by surging U.S. Treasury yields in October, as markets priced in at least one more Fed hike in 2026.
Altcoins were weaker across the board. Ethereum fell 1.1% to $2,506.09, while other major tokens declined between 0.4% and 2.1%, and memecoins shed about 0.5%.
Some support came from a recovery in spot Bitcoin exchange-traded fund flows. Capital inflows reached $175.6 million on Tuesday, according to SoSoValue data, their highest level in nearly two weeks, following a sharp $681 million drawdown the prior week. Investing.com noted that flows had risen sharply in the third quarter but lost momentum in the first week of October, and that further inflows will likely depend on upcoming U.S. economic data and expectations for additional interest rate hikes.
Attention centered on U.S. consumer price index data due later on Wednesday, which is expected to show inflation remained largely sticky in September and likely picked up from August. Investing.com reported that sticky CPI would strengthen the case for further Federal Reserve rate increases, a backdrop that bodes poorly for crypto markets. The sector was previously pressured by surging U.S. Treasury yields in October, as markets priced in at least one more Fed hike in 2026.
Altcoins were weaker across the board. Ethereum fell 1.1% to $2,506.09, while other major tokens declined between 0.4% and 2.1%, and memecoins shed about 0.5%.
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