Bitcoin’s price dropped to around $80,300 after US inflation data came in hotter than expected, with year-over-year inflation rising to 3.7% in September from 3.4% in August. Binance funding rates turned negative at -0.0073%, indicating bearish positioning among most market participants, while the probability of a 25bps rate hike climbed to 27.7%. Open interest grew 4.6% during the price slide, signaling increased risk for long positions if prices continue to fall. The Delta Growth metric, while still negative, has shown signs of improvement in recent weeks, suggesting a potential trend reversal.
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