QCP: Bitcoin Drops Below $70,000 as Spot ETFs See Consecutive Large Outflows

Odaily reports that QCP has released a market report stating that global market risk appetite is under pressure due to macroeconomic and geopolitical conditions. US October CPI rose 0.4% month-over-month, with core CPI rising 0.3% for a third consecutive month, pushing the US 10-year Treasury yield up 13 basis points to 5.125%, and the market has fully priced in a Federal Reserve rate hike in December. Meanwhile, Bitcoin fell below $70,000 for the first time since mid-August, with cryptocurrency futures liquidations exceeding $1.3 billion over the past 24 hours.

US spot Bitcoin ETFs saw net outflows of approximately $1.4379 billion between November 5 and 11. Additionally, MSCI will remove Strategy after the close on November 30. In US equities, Nvidia shares fell 4.34%, the S&P 500 declined 0.35%, and the VIX fear index closed at 18.70. On the geopolitical front, Trump stated there is no need to reach a deal with Iran and said the US has control of the Strait of Hormuz; Iran, in turn, said the Strait of Hormuz will remain closed until its seven proposed conditions are met.