Data Analysis
The release
Released by the Bureau of Labor Statistics on 14 June 2023 at 8:30 AM EDT. The Producer Price Index came in at -0.2% for May 2023, against 0.2% in April 2023. Producer prices are falling, after a rise.
It arrived at the same moment as Core Producer Price Index, so the reaction measured on this page belongs to all of them together.
Measured by Clometrix
Bitcoin's volatility ratio was 1.43x, against 2.08x for a typical PPI release since 2021. Its volume ratio was 2.26x, against a typical 2.30x. 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 $26,010.00 when the figure came out. Fifteen minutes later it was unchanged, and an hour later 0.08% lower. Its high-to-low range in the hour after was 0.45% of its price, against 0.29% in the hour before.
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 came out on the day of the Federal Reserve's 14 June rate decision. Its own ratio of 1.43x compares with 2.18x for those, so it moved the price less than its circumstances would suggest.
What it means
Bitcoin registered a quiet reaction to the May Producer Price Index release. The volatility ratio reached only 1.43x against the 2.08x median recorded for PPI prints since 2021, while the volume ratio of 2.26x stayed in line with the 2.30x typical level. Price stood at $26,010 when the figures printed and remained unchanged fifteen minutes later before finishing 0.08 percent lower after an hour. The hourly high-to-low range expanded only modestly to 0.45 percent from 0.29 percent beforehand.
The release arrived on the same morning as the Federal Reserve's June rate decision. Across prior PPI prints issued in the two weeks before policy meetings, Bitcoin's median volatility ratio has been 2.18x. The 1.43x outcome therefore fell short of the move that timing alone would have implied. Core PPI printed 0.14 percent alongside the headline figure of -0.2 percent, yet neither component produced a measurable price response.
Traders monitoring upcoming PPI releases can note that even a print released on decision day can leave Bitcoin's price action essentially undisturbed when the volatility ratio stays below 1.5x. The record shows that such subdued reactions occur without requiring any special alignment of other calendar items.
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
25,944.56Close
25,134.3724h Change
-810.19 (-3.22%)24h High
26,098.0024h Low
24,820.5624h Volume
45,152 BTCUS Producer Price Index
Bureau of Labor Statistics
14th June, 2023, 8:30AM Timezone: America/New York
Chart Data from Binance
Observations
| Time | Open | High | Low | Close | Change | Amplitude | Volume |
|---|---|---|---|---|---|---|---|
| 1 Minute | |||||||
| Before | 26007.96 | 26015.51 | 26007.95 | 26010.00 | 0.01% | 0.03% | 14 BTC |
| During | 26010.00 | 26027.91 | 26002.32 | 26012.83 | 0.01% | 0.10% | 80 BTC |
| 5 Minutes | |||||||
| Before | 25984.35 | 26016.75 | 25984.34 | 26010.00 | 0.10% | 0.12% | 71 BTC |
| During | 26010.00 | 26027.91 | 25967.39 | 25986.27 | -0.09% | 0.23% | 213 BTC |
| 10 Minutes | |||||||
| Before | 26004.90 | 26016.75 | 25980.00 | 26010.00 | 0.02% | 0.14% | 137 BTC |
| During | 26010.00 | 26027.91 | 25967.39 | 25992.82 | -0.07% | 0.23% | 383 BTC |
| 15 Minutes | |||||||
| Before | 25965.18 | 26028.18 | 25965.18 | 26010.00 | 0.17% | 0.24% | 291 BTC |
| During | 26010.00 | 26027.91 | 25967.39 | 26007.28 | -0.01% | 0.23% | 534 BTC |
| 30 Minutes | |||||||
| Before | 25975.71 | 26028.18 | 25963.10 | 26010.00 | 0.13% | 0.25% | 456 BTC |
| During | 26010.00 | 26085.33 | 25967.39 | 26022.15 | 0.05% | 0.45% | 1,098 BTC |
| 1 Hour | |||||||
| Before | 25980.82 | 26028.58 | 25954.40 | 26010.00 | 0.11% | 0.28% | 1,066 BTC |
| During | 26010.00 | 26085.33 | 25967.39 | 25988.94 | -0.08% | 0.45% | 1,636 BTC |
| 2 Hours | |||||||
| Before | 25969.79 | 26028.58 | 25939.04 | 26010.00 | 0.15% | 0.34% | 1,780 BTC |
| During | 26010.00 | 26085.33 | 25927.22 | 25987.41 | -0.09% | 0.61% | 3,090 BTC |
| 4 Hours | |||||||
| Before | 25918.26 | 26028.58 | 25911.23 | 26010.00 | 0.35% | 0.45% | 3,258 BTC |
| During | 26010.00 | 26085.33 | 25927.22 | 25978.37 | -0.12% | 0.61% | 4,593 BTC |
| 6 Hours | |||||||
| Before | 25885.38 | 26028.58 | 25872.02 | 26010.00 | 0.48% | 0.60% | 4,891 BTC |
| During | 26010.00 | 26098.00 | 25753.38 | 25878.66 | -0.51% | 1.32% | 10,006 BTC |
| 8 Hours | |||||||
| Before | 25944.56 | 26055.99 | 25837.13 | 25918.25 | -0.10% | 0.84% | 6,092 BTC |
| During | 25918.26 | 26085.33 | 25911.23 | 25978.37 | 0.23% | 0.67% | 7,850 BTC |
| 12 Hours | |||||||
| Before | 25944.56 | 26055.99 | 25837.13 | 26010.00 | 0.25% | 0.84% | 9,350 BTC |
| During | 26010.00 | 26098.00 | 24820.56 | 25134.37 | -3.48% | 4.89% | 35,802 BTC |
