@owtmpatrick

Here’s a concise recap of Wednesday’s crypto pullback and its links to recent macro releases: On September 25, major cryptocurrencies slipped as investors unwound leveraged bets ahead of key U.S. inflation data. Bitcoin dipped about 0.8% to $111,722, while Ether fell 4.3%, marking the biggest deleveraging event of the year following the Fed’s 25 bp rate cut earlier in the week and in anticipation of tomorrow’s Personal Consumption Expenditures (PCE) report—Washington’s preferred inflation gauge, which could shape the next Fed move. This crypto sell-off coincided with mixed signals from the U.S. economy. August core capital goods orders unexpectedly rose 0.6%, suggesting firms are still spending on equipment despite tariff-driven price pressures. At the same time, U.S. Treasury yields climbed—yields on 5-year notes hit 3.72% after a tepid auction—adding headwinds for risk assets including digital tokens.

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