Coinbase says Fed outlook weighed on BTC more than Binance hack

Coinbase Institutional said in a weekly report BTC’s recent price decline was driven more by shifting expectations for U.S. Federal Reserve monetary policy than by the Binance hack. The report said both the U.S. October nonfarm payrolls reading and Consumer Price Index came in above market expectations, leading markets to price in a 25-basis-point rate hike in December and a cumulative 64 basis points of additional tightening over the next 12 months. It added that stablecoin supply fell by a record $11.5 billion over the past month, while U.S. spot Bitcoin ETFs saw about $1.4 billion in net outflows over the past five trading days. Based on the current average entry price for ETF investors of $77,000, unrealized losses are estimated at a combined $12.7 billion, according to the report.