Bitcoin Sensitive to Macro Signals Amid US Rate Expectations
Bitcoin's price has been highly sensitive to macroeconomic signals in recent times. The cryptocurrency's reaction to US rate expectations is particularly noteworthy, as seen in its recent rally and subsequent decline following comments from Federal Reserve Governor Christopher Waller.
The report highlights that BTC's sensitivity to US economic data has increased this year, with traders paying close attention to upcoming events such as the US Producer Price Index (PPI) and Consumer Price Index (CPI) releases on Thursday and Friday, respectively. The September 16 Federal Open Market Committee (FOMC) meeting is also expected to have a significant impact on markets.
The growth of non-crypto perpetual products has led to structural changes in the crypto derivatives market. Binance's 30-day average volume for TradFi perpetuals surpassed the volume of its BTCUSDT perpetual, suggesting that traders are rotating into TradFi products when crypto activity weakens. Hyperliquid now ranks third in Bitcoin perpetual open interest with 34,500 BTC, behind Binance and Bybit.