Data Analysis
The release
Released by the Bureau of Labor Statistics on 15 June 2021 at 8:30 AM EDT. The Producer Price Index came in at 1.0% for May 2021, against 1.1% in April 2021. Producer prices are still rising, but more slowly than before.
It arrived at the same moment as Retail Sales, Retail Sales Excluding Automobiles and 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 0.97x, against 2.08x for a typical PPI release since 2021. Its volume ratio was 0.80x, 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 $40,069.92 when the figure came out. Fifteen minutes later it was 0.41% lower, and an hour later 0.49% higher. Its high-to-low range in the hour after was 1.45% of its price, against 1.25% 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 the day before the Federal Reserve's 16 June rate decision. Its own ratio of 0.97x compares with 2.18x for those, so it moved the price less than its circumstances would suggest.
What it means
Bitcoin showed almost no response to the 15 June 2021 PPI release and the three other indicators published alongside it. Its volatility ratio reached only 0.97x in the quarter hour after the figures, well below the 2.08x median recorded for PPI events since 2021. Volume stayed equally subdued at 0.80x against a typical 2.30x. The market therefore registered no material shift in either measure.
The release arrived the day before the Federal Reserve's June policy decision. PPI releases in that window have historically produced a median volatility ratio of 2.18x. This instance fell to 0.97x, confirming the reaction stayed muted even by the standards of pre-Fed timing. Bitcoin traded at $40,069.92 on the print and moved just 0.41 percent lower fifteen minutes later.
The hour after the release brought a 1.45 percent high-to-low range, only modestly wider than the 1.25 percent range seen in the preceding hour. For a trader reviewing the record, the episode illustrates that even a cluster of macro releases on the eve of a rate decision can leave Bitcoin's price action essentially unchanged when the data themselves contain few surprises.
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
40,716.69Close
39,969.9624h Change
-746.73 (-1.87%)24h High
41,330.0024h Low
39,506.4024h Volume
79,041 BTCUS Producer Price Index
Bureau of Labor Statistics
15th June, 2021, 8:30AM Timezone: America/New York
Chart Data from Binance
Observations
| Time | Open | High | Low | Close | Change | Amplitude | Volume |
|---|---|---|---|---|---|---|---|
| 1 Minute | |||||||
| Before | 40051.14 | 40071.61 | 40028.87 | 40067.46 | 0.04% | 0.11% | 31 BTC |
| During | 40069.92 | 40069.93 | 40035.20 | 40039.21 | -0.08% | 0.09% | 24 BTC |
| 5 Minutes | |||||||
| Before | 40091.02 | 40093.34 | 40027.79 | 40067.46 | -0.06% | 0.16% | 131 BTC |
| During | 40069.92 | 40069.93 | 40000.00 | 40011.24 | -0.15% | 0.17% | 142 BTC |
| 10 Minutes | |||||||
| Before | 40088.30 | 40124.32 | 40027.79 | 40067.46 | -0.05% | 0.24% | 258 BTC |
| During | 40069.92 | 40069.93 | 39925.00 | 39956.70 | -0.28% | 0.36% | 327 BTC |
| 15 Minutes | |||||||
| Before | 40159.78 | 40172.34 | 40027.79 | 40067.46 | -0.23% | 0.36% | 466 BTC |
| During | 40069.92 | 40069.93 | 39869.00 | 39903.72 | -0.42% | 0.50% | 512 BTC |
| 30 Minutes | |||||||
| Before | 39839.90 | 40172.34 | 39751.31 | 40067.46 | 0.57% | 1.05% | 1,532 BTC |
| During | 40069.92 | 40450.00 | 39869.00 | 40417.84 | 0.86% | 1.44% | 2,125 BTC |
| 1 Hour | |||||||
| Before | 39964.81 | 40172.34 | 39672.86 | 40067.46 | 0.26% | 1.24% | 3,133 BTC |
| During | 40069.92 | 40450.00 | 39869.00 | 40266.56 | 0.49% | 1.44% | 3,548 BTC |
| 2 Hours | |||||||
| Before | 40024.92 | 40172.34 | 39672.86 | 40067.46 | 0.11% | 1.24% | 5,619 BTC |
| During | 40069.92 | 40450.00 | 39869.00 | 40021.00 | -0.12% | 1.44% | 6,690 BTC |
| 4 Hours | |||||||
| Before | 40298.13 | 40298.13 | 39531.00 | 40067.46 | -0.58% | 1.90% | 14,246 BTC |
| During | 40069.92 | 40450.00 | 39720.00 | 40074.06 | 0.01% | 1.80% | 12,354 BTC |
| 6 Hours | |||||||
| Before | 40451.54 | 40457.92 | 39531.00 | 40067.46 | -0.96% | 2.29% | 18,681 BTC |
| During | 40069.92 | 41330.00 | 39720.00 | 41154.88 | 2.64% | 3.90% | 23,779 BTC |
| 8 Hours | |||||||
| Before | 40716.69 | 40721.07 | 39856.60 | 40298.12 | -1.04% | 2.12% | 19,141 BTC |
| During | 40298.13 | 40450.00 | 39531.00 | 40074.06 | -0.56% | 2.27% | 26,600 BTC |
| 12 Hours | |||||||
| Before | 40716.69 | 40721.07 | 39531.00 | 40067.46 | -1.62% | 2.92% | 33,387 BTC |
| During | 40069.92 | 41330.00 | 39506.40 | 39969.96 | -0.25% | 4.41% | 45,654 BTC |
