Ether Closes at $2,053.21 After U.S. Inflation Shock and Stock Declines
Key Facts
Ether closed at $2,053.21 on November 10, then fell 5% to $2,029 after U.S. inflation data were released, according to EL7 data and a report by FXStreet. The cryptocurrency’s decline came in a session marked by losses in U.S. indexes and rising Treasury yields, after Labor Department data showed an acceleration in the monthly headline consumer price index compared with September. The index rose 0.4% in October on a seasonally adjusted basis, after a 0.6% increase in September, while core inflation held at 0.3% for the third consecutive month. Before the report was released, U.S. spot ether funds recorded net outflows of $184.6 million on November 9, according to Farside data cited by CoinDesk. Those flows put fund pressure in the period before the inflation report and do not make it a response to the report.
The Bureau of Labor Statistics said the Consumer Price Index for All Urban Consumers rose 0.4% in October, compared with a 0.6% increase in September, while the core index, which excludes food and energy, rose 0.3%, as it had in the previous two months. The unadjusted headline index stood at 337.511 points, up 0.2% month on month before seasonal adjustment. The shelter index, which increased 0.3%, accounted for more than 30% of the monthly increase in the headline index. The energy index rose 0.7% in October after climbing 5.2% in September, while the gasoline index increased 1.0% after jumping 9.1% the previous month. The monthly increases in energy and gasoline therefore slowed compared with September, despite the rise in the seasonally adjusted headline index in October.
Pressure spread to U.S. bond and stock markets on November 10. The two-year Treasury yield rose 18.44 basis points to 4.731%, while the 10-year yield climbed 12.55 basis points to 4.988%, according to a Reuters report via MarketScreener. The Dow Jones Industrial Average fell 0.30% to 52,231.89, the S&P 500 declined 0.38% to 7,520.93, and the Nasdaq Composite dropped 0.74% to 25,065.87. In the cryptocurrency market, total futures liquidations reached $716 million over 24 hours through November 10, including $589 million in liquidated long positions, according to FXStreet, citing Coinglass data. These figures cover the cryptocurrency market as a whole, while the report said ether alone fell 5% to $2,029.
The November 10 move followed turmoil in the cryptocurrency market in previous sessions. In trading on November 8, ether fell about 5% to $2,223, its lowest level since August, amid concern that U.S. regulation could tighten after the midterm elections, according to Reuters via Investing.com. The report cited a $6 billion theft from Binance and the election victories of prominent industry critics as factors that shook the market in previous sessions. Before the inflation data were released, Federal Reserve Governor Christopher Waller said in London that a core reading of 0.3% for October would prompt him to consider a half-point rate increase at the December meeting. The report said expectations for such an increase at the committee meeting scheduled for December 8 and 9 rose after the data were released.
For upcoming U.S. data, the Bureau of Labor Statistics scheduled the release of the October Producer Price Index for November 13 at 8:30 a.m. Eastern Time. The bureau also scheduled the November Consumer Price Index report for December 10 at 8:30 a.m. Eastern Time. The bureau said it did not collect survey data for October 2025 because of a lapse in appropriations, and therefore could not publish year-over-year changes for October 2026 for series missing October 2025 data. This means some year-over-year comparisons in the October report are unavailable for those series. These dates remain the next official milestones on the U.S. inflation and price data calendar.