BTC Volatility Analysis for Retail Sales, 15th July 2022

Data Analysis

The release

Released by the Bureau of Census on 15 July 2022 at 8:30 AM EDT. Retail Sales came in at 0.9% for June 2022, against -0.1% in May 2022. Retail sales are rising again, after a fall.

It arrived at the same moment as Retail Sales Excluding Automobiles, Import Price Index and Export Price Index, so the reaction measured on this page belongs to all of them together.

How Bitcoin moved

Bitcoin was at $20,842.13 when the figure came out. Fifteen minutes later it was 0.44% higher, and an hour later 0.6% higher. Its high-to-low range in the hour after was 1.55% of its price, against 0.68% in the hour before.

Measured by Clometrix

Bitcoin's volatility ratio was 1.85x, against 1.54x for a typical Retail Sales release since 2021. Its volume ratio was 2.49x, against a typical 1.74x. That is about 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.

What made it matter

Since 2021, Retail Sales 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 1.72x across 27, against 1.54x across 43. This one came out 12 days before the Federal Reserve's 27 July rate decision. Its own ratio of 1.85x compares with 1.72x for those, about what its circumstances would suggest.

Its record

Across 70 Retail Sales releases since 2021, Bitcoin's median volatility ratio is 1.54x.

About Retail Sales

The U.S. Census Bureau publishes the Retail Sales report every month. It is a measure of consumer spending, an important indicator of the US GDP. Retail firms provide data on the dollar value of their retail sales and inventories. A sample of 12,000 firms is included in the final survey and 5,000 in the advanced one. The advanced estimated data is based on a subsample from the USCB complete retail & food services sample.