Data Analysis
Measured by Clometrix
Bitcoin's volatility ratio was 6.27x, against 2.08x for a typical PPI release since 2021. Its volume ratio was 5.71x, against a typical 2.30x. 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 $19,112.27 when the figure came out. Fifteen minutes later it was 0.06% higher, and an hour later 0.21% lower. Its high-to-low range in the hour after was 1.13% of its price, against 0.4% in the hour before.
The release
Released by the Bureau of Labor Statistics on 12 October 2022 at 8:30 AM EDT. The Producer Price Index came in at 0.3% for September 2022, against -0.1% in August 2022. Producer prices are rising again, after a fall.
It arrived at the same moment as Core Producer Price Index, so the reaction measured on this page belongs to all of them together.
What made it matter
Since 2021, PPI 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 2.18x across 29, against 2.05x across 41. This one was not within two weeks of a Fed decision. Its own ratio of 6.27x compares with 2.05x for those, so it moved the price more than its circumstances alone would suggest.
Its record
Across 70 PPI releases since 2021, Bitcoin's median volatility ratio is 2.08x.
What it means
Bitcoin registered an exceptional reaction to the September Producer Price Index release. Its volatility ratio reached 6.27x in the quarter hour after the print, more than three times the 2.08x median recorded across 70 PPI releases since 2021. Volume expanded 5.71x against a typical 2.30x.
Fifteen minutes later the price was 0.06 percent higher and one hour later 0.21 percent lower. The high-to-low range in that first hour measured 1.13 percent of the spot price, compared with 0.4 percent in the hour before the data. The index itself printed 0.3 percent month-over-month for September after a -0.1 percent reading in August.
Core PPI arrived simultaneously, so the measured response reflects the combined release. Traders reviewing the next PPI print may note that timing relative to Federal Reserve meetings has not historically altered median volatility, yet individual releases can still produce outsized moves when the data surprise aligns with prevailing market positioning.
About Producer Price Index
The Producer Price Index (PPI) measures the average change over time in the prices domestic producers receive for their output. It is a measure of inflation at the wholesale level that is compiled from thousands of indexes measuring producer prices by industry and product category. The index is published monthly by the U.S. Bureau of Labor Statistics (BLS).
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.
BTC-USDT
Bitcoin
Open
19,085.97Close
19,156.2824h Change
70.31 (0.37%)24h High
19,238.3124h Low
18,965.8824h Volume
210,585 BTCUS Producer Price Index
Bureau of Labor Statistics
12th October, 2022, 8:30AM Timezone: America/New York
Chart Data from Binance
Observations
| Time | Open | High | Low | Close | Change | Amplitude | Volume |
|---|---|---|---|---|---|---|---|
| 1 Minute | |||||||
| Before | 19134.22 | 19137.21 | 19106.30 | 19113.40 | -0.11% | 0.16% | 301 BTC |
| During | 19112.27 | 19113.40 | 18965.88 | 19008.16 | -0.55% | 0.77% | 2,381 BTC |
| 5 Minutes | |||||||
| Before | 19138.28 | 19152.73 | 19106.30 | 19113.40 | -0.13% | 0.24% | 970 BTC |
| During | 19112.27 | 19113.40 | 18965.88 | 19010.30 | -0.54% | 0.77% | 5,185 BTC |
| 10 Minutes | |||||||
| Before | 19124.99 | 19152.73 | 19091.00 | 19113.40 | -0.06% | 0.32% | 2,165 BTC |
| During | 19112.27 | 19113.40 | 18965.88 | 19031.35 | -0.43% | 0.77% | 7,555 BTC |
| 15 Minutes | |||||||
| Before | 19127.08 | 19152.73 | 19091.00 | 19113.40 | -0.07% | 0.32% | 2,605 BTC |
| During | 19112.27 | 19182.18 | 18965.88 | 19122.92 | 0.06% | 1.13% | 10,255 BTC |
| 30 Minutes | |||||||
| Before | 19114.62 | 19152.73 | 19091.00 | 19113.40 | -0.01% | 0.32% | 4,455 BTC |
| During | 19112.27 | 19182.18 | 18965.88 | 19075.99 | -0.19% | 1.13% | 14,351 BTC |
| 1 Hour | |||||||
| Before | 19165.74 | 19167.13 | 19091.00 | 19113.40 | -0.27% | 0.40% | 8,129 BTC |
| During | 19112.27 | 19182.18 | 18965.88 | 19071.58 | -0.21% | 1.13% | 20,415 BTC |
| 2 Hours | |||||||
| Before | 19146.22 | 19169.52 | 19091.00 | 19113.40 | -0.17% | 0.41% | 14,647 BTC |
| During | 19112.27 | 19182.18 | 18965.88 | 19102.98 | -0.05% | 1.13% | 40,787 BTC |
| 4 Hours | |||||||
| Before | 19134.80 | 19201.82 | 19091.00 | 19113.40 | -0.11% | 0.58% | 30,242 BTC |
| During | 19112.27 | 19182.18 | 18965.88 | 19102.87 | -0.05% | 1.13% | 62,975 BTC |
| 6 Hours | |||||||
| Before | 19144.17 | 19203.14 | 19080.01 | 19113.40 | -0.16% | 0.64% | 48,840 BTC |
| During | 19112.27 | 19182.18 | 18965.88 | 19146.94 | 0.18% | 1.13% | 86,548 BTC |
| 8 Hours | |||||||
| Before | 19085.97 | 19203.14 | 19030.63 | 19134.80 | 0.26% | 0.90% | 58,349 BTC |
| During | 19134.80 | 19201.82 | 18965.88 | 19102.87 | -0.17% | 1.23% | 93,216 BTC |
| 12 Hours | |||||||
| Before | 19085.97 | 19203.14 | 19030.63 | 19113.40 | 0.14% | 0.90% | 88,591 BTC |
| During | 19112.27 | 19238.31 | 18965.88 | 19156.28 | 0.23% | 1.42% | 121,994 BTC |
