Summary

• On Thursday, September's CPI inflation came in hotter than expected at 8.2% YoY headline and 6.6% YoY core.
• The market is now pricing in a near 100% probability of a 75bps FFR hike in November and participants are now also expecting to see 75bps in December.
• The US Average 30-Year Fixed Mortgage rate is nearing 7% for the first time since 2022.
• The "buy the news" upside reversal we saw on Thursday led to a significant bounce in the Treasury, equity, and bitcoin markets.
• Realized Price metrics indicate that Bitcoin is still extremely underpriced.
• Coin Days Destroyed signals strong hodling is occurring from long term market participants.
• Adjusted Supply in Profit has reached nearly the same level as the 2018 bear market.
• ETH/BTC down 22% a month after the merge.
• High leverage and low volatility is likely coiling BTC up for a sharp move.
• Mining Difficulty has hit an all-time high.