Bitcoin dropped below $70,000 for the first time since mid-August as US October CPI data intensified rate-hike expectations. Core CPI rose 0.3% month-on-month while headline CPI increased 0.4%, pushing markets to fully price in a Federal Reserve rate hike in December. The 10-year US Treasury yield surged 13 basis points to 5.125%. The crypto market saw over $1.3 billion in futures liquidations within 24 hours, compounding pressure from institutional outflows. US spot Bitcoin ETFs recorded cumulative net outflows of $1.4379 billion between November 5 and November 11. Separately, MSCI announced it will remove Strategy from its relevant indices after the close on November 30.