Crypto Shrugs Off Hot CPI, Asia to Get Bitcoin ETFs Soon

Headline CPI came in at 3.5%, surpassing the anticipated 3.4%, while the core CPI matched last month’s figure at 3.8%, also above the expected 3.7%. This surge was largely attributed to increases in auto insurance and shelter prices. Consequently, rates experienced a sharp rise, with the 10-year Treasury yield climbing by 20 basis points, a situation further intensified by a poor auction outcome today. The DXY has risen above 105, as major equity indices experienced declines, with the SPX down by 1.3% and the QQQ down by 1.2%. In contrast, the crypto market is quickly rebounding from the initial dip following the CPI release, with BTC, ETH, and SOL all recovering their losses. Notably, ENA, Ethena Labs’ native governance token of the popular synthetic dollar protocol, has emerged as a significant outperformer among cryptocurrencies. Bitcoin has turned positive for the day, with altcoins also starting to rise. In the meantime, COIN and MSTR have both seen gains from the market open, with mining stocks showing notable advances.