Bitcoin $BTC$74,262.18 has recently tracked U.S. stocks closely. On Monday, however, the pattern broke.

Bitcoin and Nasdaq futures have moved in tandem for weeks, dropping together on Oct. 30 and during last week’s AI-led selloff. But yesterday, as the S&P 500 index recorded its best day since April 8 and the Nasdaq Composite gained 2.7%, bitcoin barely moved. The largest cryptocurrency is down 1.4% since midnight UTC and is little changed over the past 24 hours.

Fund flows offer a clue why: U.S. spot bitcoin ETFs shed another $201 million on Monday, according to Farside Investors, bringing outflows since Nov. 2 to about $1.5 billion. The funds are now down roughly $1.1 billion year to date, compared with net inflows of more than $20 billion in each of the past two years.

BlackRock’s IBIT has now recorded seven consecutive sessions of redemptions. Supply is also increasing: bitcoin miner MARA Holdings (MARA) disclosed that it sold 13,597 $BTC for about $1.1 billion over the past six weeks and said it plans to sell more. Retail interest also appears thin. Santiment data show bitcoin has lost around 108,700 non-empty wallets since Oct. 16.

Meanwhile, Wall Street continues to build on crypto rails. The New York Stock Exchange selected Avalanche to settle trades on a planned 24/7 tokenized securities platform, lifting the AVAX token around 5% over the past 24 hours.

U.S. inflation data due at 8:30 a.m. ET will be the next test. Economists surveyed by Dow Jones forecast that headline CPI rose 0.3% in October and core CPI rose 0.2%, slower than September’s 0.6% and 0.3, respectively.

The data could help support the largest cryptocurrency, but BRN analysts say bitcoin needs “real buying, not a lucky break.” Stay alert!

Read more: For analysis of today's activity in altcoins and derivatives, see Crypto Markets Today . For a comprehensive list of events this week, see CoinDesk's "Crypto Week Ahead."

What’s trending

  • Bitcoin faces U.S. CPI test as analysts warn inflation relief may not be enough (CoinDesk): Bitcoin fell early Tuesday as analysts awaited October inflation data that could determine whether risk assets receive a year-end tailwind or face another wave of selling.
  • Brent crude falls below $90 for first time since August on Iran war de-escalation hopes (CNBC): Recovering regional oil flows and reports that Iran may soften its position on the Strait of Hormuz have eased concerns about supply shortages.
  • Top UK regulator says banks are trimming AI risk as alarm grows (Bloomberg): U.K. banks have begun reducing their exposure to artificial intelligence amid growing concern about a severe correction in the sector, according to the Bank of England's top supervisor.
  • Microsoft presses Trump to scuttle expected ban on Chinese data center technology (Reuters): Microsoft has been urging the Trump administration to halt plans to bar imports from China of a key component used in AI ‌data centers.

Source: www.coindesk.com. Adapted by NBTC.