Bitcoin slipped ahead of Wednesday's PCE inflation print, with traders bracing for a reading that could add to bets on further rate hikes. CryptoQuant estimates spot demand has shrunk over the past month, while growth in futures demand has dropped since mid-September.
Bitcoin slipped 0.3% to about $83,700 early Wednesday as traders waited on the personal consumption expenditures (PCE) price index, the Federal Reserve's favored inflation gauge.
The index is expected to show inflation quickened in August. A higher-than-expected reading would add to the bets on rate hikes that have driven a bruising bond selloff this month.
Elsewhere in markets, Brent crude rose above $103 a barrel and is up about 14% in September, even though Middle East crude flows are returning to pre-war levels. Treasuries steadied a day after 30-year yields hit their highest since 2002, and the dollar held near its highest since July.
Among other tokens, Ether fell 0.7% to about $2,690, while HYPE dropped nearly 2%, the worst performer among the majors. XRP and TRX each added under 1%, according to CoinDesk data.
Onchain analysis firm CryptoQuant estimates that bitcoin's spot demand has shrunk by about 170,000 BTC over the past 30 days. Growth in futures demand has dropped 90% since Sept. 14.
Micron Technology reports earnings after the U.S. close, a test for the AI-linked stocks that have kept the S&P 500's losses in check through the bond selloff.
Source: CoinDesk
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