The release
Released by the Bureau of Economic Analysis on 28 July 2023 at 8:30 AM EDT. The Personal Consumption Expenditures came in at 0.2% for June 2023, against 0.1% in May 2023. Prices are rising faster than before.
It arrived at the same moment as Personal Income and Outlays and Core Personal Consumption Expenditures, so the reaction measured on this page belongs to all of them together.
Measured by Clometrix
Bitcoin's volatility ratio was 0.95x, against 2.03x for a typical PCE release since 2021. Its volume ratio was 1.27x, against a typical 2.52x. Under 1.5x is not a reaction at all: the market barely noticed this release. 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 $29,284.92 when the figure came out. Fifteen minutes later it was 0.06% lower, and an hour later unchanged. Its high-to-low range in the hour after was 0.21% of its price, against 0.31% in the hour before.
What made it matter
Since 2021, PCE releases in the two weeks before a Fed decision have moved Bitcoin more than those at other times: a median volatility ratio of 2.13x across 18, against 1.81x across 52. This one came out 2 days after the Federal Reserve's 26 July rate decision. Its own ratio of 0.95x compares with 1.81x for those, so it moved the price less than its circumstances would suggest.
What it means
Bitcoin showed almost no reaction to the June PCE release and the accompanying income and outlays data. Volatility reached just 0.95x its normal level in the quarter hour after the 8:30 AM print, well below the 2.09x median recorded across 69 prior PCE releases since 2021. Volume rose only 1.27x against a typical 2.55x, confirming the market treated the figures as routine.
Price action stayed contained. Bitcoin sat at $29,284.92 at release, moved 0.06 percent lower after fifteen minutes and stood unchanged after one hour. The hour's high-to-low range narrowed to 0.21 percent from 0.31 percent beforehand.
The muted outcome stands out against the event's record. Releases in the two weeks before a Federal Reserve decision have produced a 2.13x median volatility ratio, compared with 1.81x at other times. This print arrived two days after the 26 July rate decision and 53 days before the September meeting, yet its 0.95x ratio fell short of even the non-pre-decision benchmark.
Traders watching the next PCE print can note that post-decision timing alone does not guarantee elevated volatility when the data surprise remains modest. The record shows only the coincidence of quiet conditions with this particular release, without establishing what will occur next.
How it compares
Across 69 PCE releases since 2021, Bitcoin's usual price swing is 2.03x. This one was 0.47 times the usual.
Thin line: PCE's usual, 2.03x. Thick line: this release, 0.95x. Under 1.5x counts as no reaction at all.
Minute by minute
Each row is the time after the release, with the same length of time before it for comparison.
| After | High | Low | Close | Change | Range | Range before | Volume |
|---|---|---|---|---|---|---|---|
| 1 minute | 29293.62 | 29278.13 | 29285.28 | 0.00% | 0.05% | 0.02% | 57 BTC |
| 5 minutes | 29293.62 | 29270.28 | 29280.85 | -0.01% | 0.08% | 0.07% | 133 BTC |
| 10 minutes | 29293.62 | 29270.28 | 29272.01 | -0.04% | 0.08% | 0.11% | 206 BTC |
| 15 minutes | 29293.62 | 29265.55 | 29267.69 | -0.06% | 0.10% | 0.11% | 253 BTC |
| 30 minutes | 29327.37 | 29265.55 | 29306.01 | 0.07% | 0.21% | 0.27% | 540 BTC |
| 1 hour | 29327.37 | 29265.55 | 29290.00 | 0.02% | 0.21% | 0.31% | 941 BTC |
| 2 hours | 29440.07 | 29251.81 | 29440.00 | 0.53% | 0.64% | 0.31% | 3,040 BTC |
| 4 hours | 29542.22 | 29251.81 | 29377.27 | 0.31% | 0.98% | 0.54% | 7,516 BTC |
| 6 hours | 29542.22 | 29194.05 | 29274.01 | -0.04% | 1.18% | 0.55% | 10,290 BTC |
| 8 hours | 29542.22 | 29126.09 | 29377.27 | 0.67% | 1.41% | 0.62% | 11,312 BTC |
| 12 hours | 29542.22 | 29194.05 | 29327.86 | 0.15% | 1.18% | 0.62% | 13,107 BTC |
Every coin at this release
| Coin | Price swing | Usual for PCE | Reaction |
|---|---|---|---|
| Bitcoin | 0.95x | 2.03x | Quiet |
| Ethereum | 1.47x | 1.77x | Quiet |
| XRP | 0.89x | 1.81x | Quiet |
| BNB | 1.33x | 1.75x | Quiet |
| Solana | 0.99x | 1.57x | Quiet |
| Dogecoin | 0.91x | 1.52x | Quiet |
| TRON | 1.24x | 1.43x | Quiet |
| Cardano | 1.37x | 1.90x | Quiet |
| Chainlink | 1.49x | 1.62x | Quiet |
| Sui | 3.09x | 1.53x | Exceptional |
| Bitcoin Cash | 1.19x | 1.69x | Quiet |
| Hedera | 1.01x | 1.51x | Quiet |
| Avalanche | 1.00x | 1.55x | Quiet |
| Litecoin | 0.50x | 1.64x | Quiet |
| Shiba Inu | 0.66x | 1.75x | Quiet |
| Uniswap | 0.50x | 1.49x | Quiet |
| Polkadot | 1.00x | 1.50x | Quiet |
| Aave | 1.52x | 1.58x | Ordinary |
| NEAR Protocol | 1.01x | 1.43x | Quiet |
| Aptos | 1.00x | 1.73x | Quiet |
| Internet Computer | 1.02x | 1.50x | Quiet |
| POL (prev. MATIC) | 0.78x | 1.60x | Quiet |
| Filecoin | 0.00x | 1.51x | Quiet |
What is the Personal Consumption Expenditures?
Personal consumption expenditures (PCE) is a measure of the prices people in the United States pay for goods and services. PCE accounts for about two-thirds of domestic spending and is a significant driver of gross domestic product (GDP). An estimated total of personal consumption expenditures (PCE) is compiled by the Bureau of Economic Analysis as one way to measure and track changes in the prices of consumer goods over time.Questions about this page
Is 0.95x a lot?
No. Under 1.5x the market barely noticed the release.
Will the next PCE do the same?
Nobody can say. A forecast shows the range Bitcoin moved in after past PCE releases, so you can plan for the likely size of the move.
What is PCE, and why does the Fed watch it?
PCE is the Personal Consumption Expenditures price index published by the Bureau of Economic Analysis. The Federal Reserve measures its 2 percent inflation goal with the PCE price index. PCE, Core PCE and Personal Income are released together at 8:30 a.m. ET and share one reaction. Their median Bitcoin price swing since 2021 is 2.03x, which places them in Tier 2.
Disclaimer
The data analysis, forecasted results and projections provided herein are based on historical price action and market trends. While every effort has been made to ensure the accuracy of the information, these predictions are speculative and should not be considered a guarantee of future performance. Market conditions can change rapidly, and past performance is not indicative of future results. Trading and investing involve significant risk, and you should conduct your own research and consult with a licensed financial advisor before making any investment decisions. We do not assume any liability for any losses that may result from reliance on this information.