# Coinbase Institutional Ties Bitcoin’s Drop to Fed Bets, Not Binance Hack

By Enna Lee

Canonical URL: https://www.tokenpost.com/news/investing/57078
Published: 2026-11-13T23:43:41.000Z
Updated: 2026-11-13T23:43:41.000Z
Section: Investing

> October nonfarm payrolls and consumer prices exceeded forecasts. Separately, markets had fully priced in a 25-basis-point December rate increase.

Coinbase Institutional’s weekly analysis attributed Bitcoin (BTC)’s decline mainly to Federal Reserve rate expectations rather than the Binance hack, adding a new explanation for its break below $73,000 amid renewed Fed rate fears.

October nonfarm payrolls and the consumer price index (CPI) both exceeded expectations. Separately, markets had fully priced in a 25-basis-point rate increase in December, while expectations for rate increases over the next 12 months reached 64 basis points.

The analysis identified $73,000 as key support. U.S. spot Bitcoin exchange-traded funds recorded $1.44 billion in outflows over the five trading sessions before Nov. 11.

The analysis also cited an $11.5 billion decline in stablecoin supply over 30 days, the largest on record, and put Bitcoin holders’ unrealized losses at about $12.7 billion.