Bitcoin holds steady despite hot CPI report as ETF outflows ease

Bitcoin holds steady — Bitcoin‘s price showed resilience on Thursday, holding near $68,000 despite a hotter-than-expected U.S. Consumer Price Index (CPI) report for October, as selling pressure from spot exchange-traded funds (ETFs) appeared to subside.

The flagship cryptocurrency traded in a tight range, largely ignoring the CPI data which showed inflation rose 0.3% month-over-month, slightly above forecasts. This muted reaction contrasts with the significant volatility often triggered by major macroeconomic releases in recent years.

Analysts noted that net outflows from U.S. spot Bitcoin ETFs slowed considerably, with preliminary data suggesting a net outflow of just $51 million. This marks a dramatic deceleration from the substantial $563 million in outflows recorded the previous day, indicating a potential stabilization in institutional selling pressure.

The market’s focus is now shifting to upcoming producer price index (PPI) data and remarks from Federal Reserve officials for further clues on the interest rate trajectory. The relative stability suggests traders may have already priced in a persistent inflationary environment, reducing the immediate shock value of the CPI print.