Hot CPI & Bank Stablecoins

Hot inflation hit a market already losing buyers while banks kept funding crypto rails.

Bitcoin trades at $73,818 on November 11, 41.49% below its $126,156 all-time high. On November 9, Bitcoin ignored the best US stock day since April. On November 10, it slipped again after a hotter-than-forecast inflation print. Meanwhile, a group of global banks reportedly put money behind a dollar stablecoin. Coinjuice LIVE session, Bitcoin $71K Line in the Sand: Diamond Pattern, walks through the chart levels in play.

November Seasonality Update

Bitcoin has started November on the back foot. Only one year since 2013 opened the month weaker: 2022, when the FTX collapse in the second week of November drove the drop. That makes 2022 an event-driven outlier rather than part of the seasonal pattern. Without a comparable shock, 2026 is the weakest start on record.

The closest matches are 2019 and 2025, and both finished November lower. 2017 offers the counter case: almost flat after ten days, it still closed the month up 54.97%. Mid-November has historically been the softest stretch. The month finishes positive only if the price closes above $77,474.

Figures run through November 10 (UTC). Pre-2023 closes use DefiLlama’s single daily price.

Bitcoin Ignores a Stock Rally: Hot CPI Lands on Thinning Demand

For weeks, Bitcoin moved with Nasdaq futures and fell alongside them on October 30 and again during the AI-led selloff in early November. On Monday, November 9, that link broke. According to CoinDesk, the S&P 500 posted its best day since April 8 and the Nasdaq Composite rose 2.7%, yet Bitcoin barely moved.

The flow data explains the gap:

In each of the prior two years, net ETF inflows topped $20 billion. The November 10 Read recorded the first move below zero for 2026.

Two other pressures sit alongside the ETF outflows:

• Supply is still coming to market: MARA sold 13,597 BTC, about $1.1 billion, over six weeks and plans to sell more. The November 10 edition covered the sale in detail.

• Retail participation is thinning: Santiment data shows roughly 108,700 non-empty Bitcoin wallets have disappeared since October 16. Wallet counts track addresses, not individual people.

Bitcoin and the October CPI: Hot Inflation Adds to an Existing Sell-Off

The inflation test arrived on Tuesday, November 10.

After the release, Bitcoin dipped roughly another 1% to near $73,600. Per Reuters, the 10-year Treasury yield traded near 4.93% intraday and the 2-year above 4.7%.

The inflation data added pressure to a market that was already losing buyers. It did not create the selling. The rate backdrop points the same way. Before the release, Fed Governor Chris Waller suggested the Fed should hike in December even on a soft reading. He added that 50 basis points could be on the table if CPI came in strong. The November 7 read tracked hike odds climbing after the hot jobs report, and CPI added weight to the same side of the scale.

Analysts at BRN said Bitcoin needs “real buying, not a lucky break.” Small corporate purchases continued:

These purchases are counterpoints, not evidence that demand has turned.

Banks Fund Crypto Rails: Stablecoin Money Arrives as Bitcoin Waits

While Bitcoin demand thinned, institutional money kept flowing into the infrastructure underneath crypto. The same pattern shows up across three separate developments:

• Project Faro gets funded: On November 10, Bloomberg reported, citing people familiar with the matter, that Goldman Sachs, Citigroup and other banks have committed about $270 million to their joint stablecoin venture. The money is meant to cover five years of operating costs. Santander, Deutsche Bank, Wells Fargo, Fidelity, MUFG and Standard Bank are among the participants. Neither the banks nor the venture has commented publicly, so the figure remains reported rather than confirmed.

• A dollar token first, then the G7: The venture plans a dollar-denominated stablecoin and is expected to incorporate in the US. It aims to follow with tokens pegged to other G7 currencies, starting with the euro.

• NYSE builds on Avalanche technology: On November 9, CoinDesk reported that an NYSE-affiliated platform for 24/7 tokenized securities will run on a custom chain built with Avalanche technology, pending regulatory approval. The platform will not run on the public Avalanche network.

• Crypto sides with Washington against traditional finance: On November 9, Coinbase, Kraken’s parent Payward, Kalshi and others filed a proposed brief backing the CFTC in a fight over single-stock perpetual futures. On the other side is the Capital Markets Alliance, backed by Citadel Securities and Cboe, which argues the products belong under the SEC. On November 3, Judge Caproni found the alliance likely to succeed on the merits. She denied its emergency order anyway, finding no imminent irreparable harm, so trading continues while the case proceeds.

Bitcoin Technicals: Spot Holds the 200-Day Average and Little Else

Moving averages across timeframes (simple averages of closes; spot reference $73,818):

The picture is consistent across timeframes. Every short-horizon average sits overhead. Spot rests just above the slower averages: the 200-day, the 50-period three-day and the 20-week. The nearest higher-timeframe level to reclaim is the 50-week average near $75,502.

Coinjuice Lens: Market Structure

Periods like this one feel turbulent. Markets prefer certainty, and the forces shaping rates, regulation and flows are supplying the opposite. In stretches like these, the steadier move is often to stop second-guessing a long-term conviction in Bitcoin and hold a position sized to weather a further drop if one comes.

Noise makes conviction harder to hold, and much of that noise has a motive behind it. Every influencer has an agenda, and with Bitcoin this scarce, many of the loudest voices fear mongering holders to sell stands to benefit in some way when they do. Tuning them out is part of the discipline, so step away from the screen if need be, go outside and touch grass while the storm passes.

Reading the chart still matters, and the Coinjuice ebook, Bitcoin Trading Without Leverage, teaches exactly that. Our glass neon lights are built for calmer desks, and our LIVE sessions on the Research Hub work through the charts in real time as we try to get ahead of the next move.

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News Behind Today’s Read

• U.S. CPI rose stronger than expected 0.4% in October; core rate rose 0.3% (CoinDesk). Source for the October CPI and core readings, the post-release Bitcoin dip and Waller’s December hike comments.

• Bitcoin breaks with stocks as ETF outflows mount, MARA sells some BTC (CoinDesk). Source for the decoupling from the November 9 stock rally, the Farside ETF figures, MARA’s sales and the Santiment wallet count.

• Goldman Sachs, Citi among banks committing $270 million to U.S. stablecoin venture (CoinDesk, citing Bloomberg). Source for the venture’s funding, its members and the planned dollar and euro tokens.

• NYSE taps Avalanche for tokenized stock settlement; AVAX price gains (CoinDesk). Source for the November 9 report on the custom chain and its pending regulatory approval.

• Crypto teams up with U.S. government to defend stock perps in legal fight (CoinDesk). Source for the crypto firms’ proposed brief backing the CFTC in the stock perps case.

Market Snapshot

Data as of November 11, 2026, 06:05 UTC (DefiLlama).

Thanks to CryptoQuant for price data. Catch my quicktake analysis on Cryptoquant.

This article is for informational purposes only and does not constitute financial or investment advice.

This article was developed with the support of artificial intelligence tools as part of Coinjuice’s editorial process and reviewed by our editorial team before publication.