BTC Volatility Analysis for Durable Orders Ex Transportation, 23rd December 2022

Data Analysis

Measured by Clometrix

Bitcoin's volatility ratio was 10.85x, against 1.45x for a typical Durable Orders Ex Transportation release since 2021. Its volume ratio was 9.97x, against a typical 1.59x. That is more than twice what this release usually does. Both compare the quarter hour of the release with an ordinary quarter hour that same day, where 1.00x is no change: volatility is how far the price ranged, volume how much traded.

How Bitcoin moved

Bitcoin was at $16,836.66 when the figure came out. Fifteen minutes later it was 0.32% higher, and an hour later 0.21% lower. Its high-to-low range in the hour after was 1.33% of its price, against 0.33% in the hour before.

The release

Released by the Bureau of Census on 23 December 2022 at 8:30 AM EST. The Durable Goods Orders Excluding Transportation came in at -0.5% for November 2022, against 0.3% in October 2022. Durable goods orders excluding transportation are falling, after a rise.

It arrived at the same moment as Durable Goods Orders, Personal Income and Outlays, Personal Consumption Expenditures and Core Personal Consumption Expenditures, so the reaction measured on this page belongs to all of them together.

What made it matter

Since 2021, Durable Orders Ex Transportation releases in the two weeks before a Fed decision have moved Bitcoin about as much as those at other times: a median volatility ratio of 1.48x across 19, against 1.43x across 49. This one was not within two weeks of a Fed decision. Its own ratio of 10.85x compares with 1.43x for those, so it moved the price more than its circumstances alone would suggest.

Its record

Across 68 Durable Orders Ex Transportation releases since 2021, Bitcoin's median volatility ratio is 1.45x.

About Durable Goods Orders Excluding Transportation

The U.S. Census Bureau publishes the Durable Goods Orders report every month. Durable goods orders ex transportation reflect new orders placed with domestic manufacturers for delivery of long-lasting manufactured goods (durable goods) excluding transportation equipment in the near term or future. The change in the total value of new orders is measured and shared with the public in two releases per month: the advance report on durable goods and the manufacturers' shipments, inventories, and orders.