The latest U.S. inflation data has once again hit the cryptocurrency market. OctoberConsumer Price Index (CPI)The core CPI increased 0.4% month-on-month, and the core CPI increased 0.3% month-on-month, both higher than market expectations, increasing pressure on the Federal Reserve (Fed) to raise interest rates in December.
Bitcoin (BTC)It continued to weaken after the data was released, once falling below $73,000 and hitting a minimum of about $72,691;Ethereum (ETH)It fell to about $2,004, approaching the psychological $2,000 mark. The next key for the market will be the U.S. Producer Price Index (PPI) released on November 13.
U.S. CPI and core CPI both exceeded expectations, and pressure to raise interest rates resumed
The U.S. Bureau of Labor Statistics (BLS) announced on November 10 that CPI increased by 0.4% in October, higher than market expectations of 0.3%, but slower than the 0.6% increase in September; core CPI excluding food and energy increased by 0.3% on month, also exceeding expectations of 0.2%, and maintaining the same growth rate for three consecutive months.
In terms of details, housing costs increased by 0.3% monthly, contributing more than 30% to the overall CPI increase; food prices increased by 0.5%, and energy prices increased by 0.7%, indicating that price pressures still exist widely.
Due to the lack of some price data in October of that year due to the U.S. government shutdown in 2025, the BLS is unable to publish the official annual growth rate of most CPI items this time.
Higher-than-expected inflation data further strengthened market expectations that the Federal Reserve will tighten monetary policy. According to Reuters, the interest rate futures market has reflected a sharp increase in the probability of a rate hike in December. The market mainly expects a rate hike of 1% (0.25 percentage points), but does not rule out the possibility of a more substantial adjustment.
Bitcoin falls below $73,000, and Ethereum approaches as low as $2,000
Affected by inflation data and interest rate expectations, the cryptocurrency market continues to be under pressure.
According to CoinGlass statistics on the morning of November 11, Taiwan time,BitcoinIt was quoted at about $73,642, down about 2.02% in 24 hours, hitting a low of $72,691 during the period, which was about 42% lower than the historical high of about $126,200 in October 2025.
Ethereum’s trend was even weaker. CoinGlass market snapshot shows that ETH is trading at around US$2,045, a 24-hour drop of about 3.78%, hitting a low of US$2,003.6, just one step away from the psychological mark of US$2,000.
There has also been significant deleveraging in the derivatives market. CoinGlass query snapshot shows,Bitcoin Futures Open InterestThe scale is about 51.86 billion US dollars, and the 24-hour related liquidation is about 204 million US dollars, of which long orders are about 177 million US dollars; the 24-hour liquidation scale of ETH is about 256 million US dollars, and long orders account for about 76%.
The above data shows that crypto market bulls are still facing heavy tests amid continued macroeconomic pressure.
Analyst: If BTC cannot stabilize at US$73,000, it may drop to US$69,000
In response to recent market trends, Bitget analyst Lewis Huang said in an interview with foreign media: "For Bitcoin, rising bond yields and a stronger US dollar may further intensify recent selling pressure." He pointed out that the 200-day moving average of about $73,200 at the time was a technical position worthy of attention. If the price continues to fall below, it may increase the risk of further corrections.
Matt Mena, senior crypto research strategist at 21Shares, believes that $73,000 is an important price mark for BTC. If it continues to fall, it may drop to $69,000; if it can hold firm and cooperate with the stock market rebound, it may have the opportunity to challenge $78,000 again. As for ETH, Mena pointed out that $2,000 is an important support reference. If it fails, the next price worth watching is about $1,800.
Bitcoin ETF capital flows fluctuate, and the market is concerned about whether PPI will add pressure
The movement of institutional funds also reflects that market confidence has not yet been restored.
according to SoSoValue dataAccording to related reports, the U.S. spot Bitcoin ETF had a cumulative net outflow of approximately US$1.04 billion on the three trading days of November 5, 6, and 9, of which the single-day net outflow on November 9 was approximately US$201 million.
However, preliminary statistics on November 10 showed that the spot Bitcoin ETF turned slightly into a net inflow of about US$20 million, mainly from Morgan Stanley's products, indicating that capital flows have improved, but it is still not enough to confirm that institutional buying has fully returned.
The next focus of the market will be the October PPI scheduled to be released by the U.S. Bureau of Labor Statistics at 9:30 pm Taiwan time on November 13 (Friday).
Previously, the monthly PPI growth rate in September reached 1.3% and the annual growth rate reached 6.3%. If the latest PPI is higher than expected again, it may further aggravate the market's concerns about inflation and interest rate increases, putting pressure on Bitcoin and other risk assets; conversely, if the data is lower than expected, it may bring short-term breathing space to the market.
In the short term, whether Bitcoin can regain $73,000, whether Ethereum can hold $2,000, and Friday's PPI results will be important indicators for observing the direction of the crypto market.
Note: The price and derivatives data in this article are market snapshots obtained on the morning of November 11, 2026, and are not continuously updated; this article does not constitute investment advice.
〈US CPI exceeds expectations! Bitcoin fell below US$73,000, Ethereum approached US$2,000, and PPI became the next key〉This article was first published inBlock Guest》.
