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Morning Edition · Tuesday, November 10, 2026Published at 12:10 AM EST · New York
Bitcoin Falls Below $75,000 as Stocks Rally, and Gold Eases to About $4,115 Before US Inflation Data
Bitcoin dropped about 1.2% on a day the S&P 500 rose 2.35%, while Amundi disclosed a larger stake in Strategy even as that company's shares fell about 18% from the end of the quarter.
Bitcoin traded below $75,000 early on Tuesday before the October US consumer price report, CoinDesk reported. Analysts told CoinDesk that a sustained recovery depends on better liquidity and renewed demand for spot exchange-traded funds (ETFs), not on a single favorable inflation reading. Exchange data put bitcoin near $74,969, down about 1.2% in 24 hours, and about 40% below its October 2025 peak of $126,200.
The move ran opposite to the stock market. The S&P 500 rose 2.35% on Monday as oil fell. Bitcoin moved in the other direction, so on this day it did not trade like a high-beta stock either. Precious metals also fell slightly. Spot gold ended the New York session at about $4,114.70 an ounce, down 0.6%, and silver at $53.07, down 0.45%, according to Kitco. Both metals remain far below the peaks of late January, when gold reached about $5,589 and silver about $118.
Institutional positioning is mixed. Amundi, Europe's largest asset manager, raised its holding in Strategy, the company that holds bitcoin on its balance sheet, by 44%, to 1.9 million shares worth $291 million, in the third quarter, Bitcoin Magazine reported, citing a 13F filing. Strategy shares have fallen about 18% since the quarter ended. Regulatory risk is also rising after the midterm elections. Senator Elizabeth Warren, who is expected to chair the Senate Banking Committee, plans to target what an aide described as prediction markets' "Wild West-style lack of oversight," Bitcoin Magazine reported. Crypto firms had lobbied to avoid that kind of scrutiny.
Part of a tracked trend
Bitcoin Trades as a Risk Asset, Not Digital Gold
At each geopolitical or inflationary stress point, bitcoin keeps trading with liquidity-sensitive risk assets rather than with monetary metals, so the digital-gold framing continues to fail exactly when investors most want it to hold.
What this means
Bitcoin's price is tracking ETF flows and dollar liquidity more than it is behaving as an inflation hedge or moving with the stock rally, and the Fed's likely December rate increase works against both roles at once. A 10-year Treasury yield near 4.9% raises the cost of holding assets that pay no yield, which explains why gold and bitcoin fell together even as stocks rose on cheaper oil. Gold has held its value far better: it is about 26% below its January peak, against bitcoin's 40% drop from its high. That difference shows which asset reserve managers and long-term holders treat as money under stress. Leveraged exposures such as Strategy carry the most risk, because their share prices fall faster than bitcoin when inflows reverse. The 2022 tightening cycle is the precedent. Bitcoin fell about 65% as the Fed raised rates, while gold ended that year roughly flat. The likelier outcome over the coming weeks is that bitcoin stays under pressure until the December Fed decision, unless spot ETF inflows return. A soft core CPI reading today followed by steady ETF inflows would prove that read wrong.
What to watch
- Daily flows into US spot bitcoin ETFs after the CPI release. A return to inflows would show buyers treating the inflation data as reassuring.
- Whether gold holds above $4,000 if the Fed raises rates in December. Holding that level would show central-bank demand outweighing higher real yields.
- The Senate Banking Committee's agenda under Warren. Hearings on prediction markets and crypto platforms would raise regulatory costs for the sector starting in January.
Observations to monitor, not financial advice.
Synthesized from: CoinDesk · Bitcoin Magazine · Bitcoin Magazine · Kitco
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