Data Analysis
Measured by Clometrix
Bitcoin's volatility ratio was 9.59x, against 2.08x for a typical PPI release since 2021. Its volume ratio was 6.11x, 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 $17,232.90 when the figure came out. Fifteen minutes later it was 0.53% lower, and an hour later 0.66% lower. Its high-to-low range in the hour after was 1.15% of its price, against 1.1% in the hour before.
The release
Released by the Bureau of Labor Statistics on 9 December 2022 at 8:30 AM EST. The Producer Price Index came in at 0.3% for November 2022, against 0.3% in October 2022. Producer prices are still rising, but more slowly than before.
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 came out 5 days before the Federal Reserve's 14 December rate decision. Its own ratio of 9.59x compares with 2.18x 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 posted an exceptional reaction to the November PPI release. Volatility reached 9.59x the typical quarter-hour level while volume rose to 6.11x. Bitcoin traded at $17,232.90 at the 8:30 AM print and declined 0.53 percent within fifteen minutes and 0.66 percent within the hour. The hourly high-low range widened only to 1.15 percent from 1.1 percent beforehand.
Timing relative to the December FOMC meeting
The release fell five days before the 14 December rate decision and arrived alongside the Core PPI figure. PPI prints in the two weeks before FOMC meetings have carried a median volatility ratio of 2.18x since 2021. This event produced more than four times that median.
Seventy PPI releases since 2021 show a median Bitcoin volatility ratio of 2.08x. The magnitude recorded here therefore exceeded both the event's usual response and the subset of releases that share its proximity to a policy decision, giving traders a concrete illustration of how far individual outcomes can depart from those benchmarks.
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
17,268.63Close
17,157.9524h Change
-110.68 (-0.65%)24h High
17,360.0024h Low
17,058.2124h Volume
233,512 BTCUS Producer Price Index
Bureau of Labor Statistics
9th December, 2022, 8:30AM Timezone: America/New York
Chart Data from Binance
Observations
| Time | Open | High | Low | Close | Change | Amplitude | Volume |
|---|---|---|---|---|---|---|---|
| 1 Minute | |||||||
| Before | 17227.82 | 17233.00 | 17220.00 | 17232.90 | 0.03% | 0.08% | 232 BTC |
| During | 17232.90 | 17256.58 | 17058.21 | 17086.84 | -0.85% | 1.15% | 4,001 BTC |
| 5 Minutes | |||||||
| Before | 17209.89 | 17233.00 | 17207.21 | 17232.90 | 0.13% | 0.15% | 1,016 BTC |
| During | 17232.90 | 17256.58 | 17058.21 | 17152.05 | -0.47% | 1.15% | 7,790 BTC |
| 10 Minutes | |||||||
| Before | 17225.87 | 17238.10 | 17204.98 | 17232.90 | 0.04% | 0.19% | 2,238 BTC |
| During | 17232.90 | 17256.58 | 17058.21 | 17133.82 | -0.58% | 1.15% | 10,097 BTC |
| 15 Minutes | |||||||
| Before | 17244.52 | 17245.12 | 17204.98 | 17232.90 | -0.07% | 0.23% | 3,770 BTC |
| During | 17232.90 | 17256.58 | 17058.21 | 17140.74 | -0.54% | 1.15% | 11,999 BTC |
| 30 Minutes | |||||||
| Before | 17257.31 | 17275.22 | 17204.98 | 17232.90 | -0.14% | 0.41% | 7,040 BTC |
| During | 17232.90 | 17256.58 | 17058.21 | 17150.70 | -0.48% | 1.15% | 17,022 BTC |
| 1 Hour | |||||||
| Before | 17241.30 | 17360.00 | 17170.85 | 17232.90 | -0.05% | 1.09% | 22,677 BTC |
| During | 17232.90 | 17256.58 | 17058.21 | 17119.60 | -0.66% | 1.15% | 25,106 BTC |
| 2 Hours | |||||||
| Before | 17218.98 | 17360.00 | 17170.85 | 17232.90 | 0.08% | 1.09% | 32,961 BTC |
| During | 17232.90 | 17256.58 | 17058.21 | 17163.63 | -0.40% | 1.15% | 41,475 BTC |
| 4 Hours | |||||||
| Before | 17215.90 | 17360.00 | 17170.85 | 17232.90 | 0.10% | 1.09% | 51,918 BTC |
| During | 17232.90 | 17256.58 | 17058.21 | 17156.50 | -0.45% | 1.15% | 61,025 BTC |
| 6 Hours | |||||||
| Before | 17231.53 | 17360.00 | 17170.85 | 17232.90 | 0.01% | 1.09% | 64,882 BTC |
| During | 17232.90 | 17256.58 | 17058.21 | 17146.37 | -0.50% | 1.15% | 77,389 BTC |
| 8 Hours | |||||||
| Before | 17268.63 | 17300.00 | 17188.00 | 17215.39 | -0.31% | 0.65% | 62,349 BTC |
| During | 17215.90 | 17360.00 | 17058.21 | 17156.50 | -0.35% | 1.74% | 112,943 BTC |
| 12 Hours | |||||||
| Before | 17268.63 | 17360.00 | 17170.85 | 17232.90 | -0.21% | 1.09% | 114,267 BTC |
| During | 17232.90 | 17256.58 | 17058.21 | 17157.95 | -0.44% | 1.15% | 119,244 BTC |
