Bitcoin Lags Wall Street Rally, Holding Near 102 Million Won Ahead of U.S. CPI

Bitcoin is struggling to find clear direction, remaining stagnant near 100 million won. While New York stocks surged on bargain-hunting in technology shares, the cryptocurrency market faced regulatory uncertainty and institutional capital outflows. Bitcoin has posted losses for five consecutive weeks, holding steady at 101.99 million won on Bithumb, a 0.20% increase from the previous day.

Ethereum rose 1.10%, but Solana and XRP fell 0.40% and 0.84%, respectively. Overnight, U.S. equity markets posted strong gains, with the Nasdaq surging 2.74%, as crude oil prices dropped and technology stocks rebounded. Bitcoin fell as low as $73,667 intraday, weakening its correlation with equities. Concerns over potential regulatory pressure on AI data centers and the cryptocurrency industry, following Democrats’ gains in Congress, have weighed on the market.

Substantial outflows from spot Bitcoin ETFs, totaling $530.1 million last month, have also caused investor sentiment to wane. Strong U.S. employment data has fueled concerns about potential interest rate hikes, with a 80% probability of a 0.25-percentage-point increase in December. Rising price volatility has triggered liquidations in the derivatives market, with Bitcoin accounting for $324 million.

The kimchi premium, measuring the difference between domestic and overseas cryptocurrency prices, was at 1.20%. Market sentiment is currently in the Fear category, with the Fear and Greed Index at 29. Investors are now focusing on the U.S. October Consumer Price Index report, which could influence the Federal Reserve’s future interest rate decisions.