Bitcoin traded near $73,500 on Tuesday, 10 November, after October US inflation came in hotter than economists expected. Bitcoin Magazine said the coin was holding near $74,300 in the minutes before the 8:30 a.m. ET release, then dropped to about $73,400 and briefly undercut Monday's overnight low of $73,477. It later steadied in the high $73,000s, and the same report put the price near $73,500, about 1% lower on the day and roughly $32,000 below its level a year earlier. Investing.com had bitcoin at $74,123.1 by 9:47 a.m. ET, down 1%. Monday's slide toward $74,000 is in yesterday's markets note.
October CPI rose 0.4% and revived a larger hike
The Bureau of Labor Statistics said the consumer price index rose a seasonally adjusted 0.4% in October, above the 0.3% Dow Jones forecast and down from September's 0.6%. Core CPI, which excludes food and energy, rose 0.3% against a 0.2% forecast. There is no annual rate this month, because the 2025 government shutdown left no October 2025 comparison. The full breakdown, including a December hike that markets now treat as locked in, is in today's economy briefing.
Bond yields moved first. CoinDesk's live blog later had the 10-year Treasury yield up 13 basis points near 4.99% and the two-year yield up 19 basis points near 4.736%, with bitcoin off its worst levels around $74,200. Fed Governor Christopher Waller had said earlier in London that he was leaning toward a quarter-point increase in December, and that a core reading around 0.3% or higher should put a half-point hike on the table. Bitcoin Magazine flagged $73,000 as the level to watch. A daily close under it would point toward $70,000. A move back through $80,000 would show demand returning.
Spot bitcoin ETFs lost another $201 million
Fund flows were already negative before the inflation print. Investing.com, citing SoSoValue, said US spot bitcoin ETFs logged a $201 million outflow on Monday, after more than $1.2 billion left last week. CoinDesk, citing Farside Investors, put the same Monday outflow at $201 million and said withdrawals since 2 November were about $1.5 billion. The funds are down roughly $1.1 billion for 2026, against more than $20 billion of net inflows in each of the past two years. Last week's swing through zero is in Friday's flow note.
BlackRock's iShares Bitcoin Trust led Monday's selling. Bitcoin Magazine put IBIT's outflow at $213.2 million, a seventh straight session of redemptions. On Monday the S&P 500 had its best day since 8 April and the Nasdaq Composite rose 2.7%, CoinDesk said, while bitcoin did not follow. That split is the new fact in the tape. Stocks could bounce without the coin if ETF buyers stay away.
Ether, miners, and the next data point
Ether fell with bitcoin. Investing.com had ether down 2.3% at $2,080.42 after the CPI release, with XRP down 3.4% and Solana down more than 3%. Bitcoin Magazine said ether was already near $2,100 overnight, down about 1.4%, after US spot ether ETFs lost $184.6 million on Monday. Supply is also arriving from miners. MARA sold 13,597 bitcoin for about $1.1 billion after 30 September and said it plans to sell more, covered in today's business note. The sale price, about $81,039, sits well above Tuesday's spot market.
The coin is also under the price Strategy paid for its stack. That company held 849,327 BTC at a $75,451 average, as recorded in the 3 November buy note. A print near $73,500 widens that gap. It does not force a sale. Producer prices arrive on Friday, 13 November, and minutes from the Fed's October meeting are due on 18 November. Gold's drop toward $4,050 and Brent's dip under $90 are in the commodities update. Follow the CPI session on the markets desk.