Bitcoin, the biggest cryptocurrency by market value, slipped to $18,300, the lowest since June 19, according to CoinDesk data. Meanwhile, ether, the native token of Ethereum's blockchain, which recently underwent a long-awaited and supposedly-bullish technological change called the Merge, slipped to a two-month low of $1,580. The total market capitalization fell to $858 billion, the lowest since mid-July.
Crypto native hedge funds quickly derisked positions in BTC and ETH following the inflation report, according to Brian Cubellis, a research analyst at Coinbase Institutional. The bearish flows are evident from the negative basis, which is referred to as a discount, in futures tied to bitcoin and ether. At press time, one-month bitcoin and ether futures listed on major exchanges traded at a discount of at least 1% to their respective spot prices.
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