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Bitcoin (BTC) spiked to $17,000 at the Nov. 15 Wall Street open as fresh United States economic data continued to show inflation cooling.

“Good” PPI boosts risk assets

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it came closer to multi-day highs.

Volatility had returned an hour before the open as the U.S. Producer Price Index (PPI) came in below expectations.

Core PPI was unchanged month-on-month, with the PPI overall up 0.2% versus the 0.4% forecast. Year-on-year PPI was 8% versus the 8.3% forecast.

The data, already in stark contrast to last month’s PPI, follows on from October’s Consumer Price Index (CPI) readout last week, this also showing that price increases in the U.S. were slowing.

Trust Wallet Token (TWT) has surged by nearly 150% in the last six days, bucking the downturn in the cryptocurrency market, whose net capitalization has crashed by almost $100 billion in the same period.

TWT whale accumulation picks up momentum

TWT's price reached an intraday high of $2.43 on Nov. 15, a day after establishing a record high at nearly $2.75. At its lowest in 2022, the token was changing hands for $0.40, which makes it one of the year's best-performing assets, with over 225% year-to-date gains.

The Trust Wallet Token's uptrend picked up momentum in November following the collapse of Sam Bankman-Fried's FTX, prompting a bank run situation wherein traders withdrew their funds from exchanges en masse.

For instance, the total number of Bitcoin (BTC) in FTX's wallets dropped to zero in the week ending Nov. 13. Similarly, the exchange's Ether (ETH) reserves fell from 611,000 to just 2,800 in the same period.

Distrust in centralized exchanges seems to have boosted the appetite for self-custody wallets. Binance CEO Changpeng Zhao's endorsement of the token's parent platform, Trust Wallet, has also played a major part in driving up the TWT price. 

Trust Wallet Token (TWT) has surged by nearly 150% in the last six days, bucking the downturn in the cryptocurrency market, whose net capitalization has crashed by almost $100 billion in the same period.

TWT whale accumulation picks up momentum

TWT’s price reached an intraday high of $2.43 on Nov. 15, a day after establishing a record high at nearly $2.75. At its lowest in 2022, the token was changing hands for $0.40, which makes it one of the year’s best-performing assets, with over 225% year-to-date gains.

The Trust Wallet Token’s uptrend picked up momentum in November following the collapse of Sam Bankman-Fried’s FTX, prompting a bank run situation wherein traders withdrew their funds from exchanges en masse.

For instance, the total number of Bitcoin (BTC) in FTX’s wallets dropped to zero in the week ending Nov. 13. Similarly, the exchange’s Ether (ETH) reserves fell from 611,000 to just 2,800 in the same period.

Distrust in centralized exchanges seems to have boosted the appetite for self-custody wallets. Binance CEO Changpeng Zhao’s endorsement of the token’s parent platform, Trust Wallet, has also played a major part in driving up the TWT price. 

Bitcoin (BTC) sellers are nursing their largest overall losses since March 2020, one on-chain metric suggests.

Data from on-chain analytics firm Glassnode confirms that Bitcoin’s spent output profit ratio (SOPR) has now fallen to two-year lows.

BTC on-chain losses mount

As Bitcoin holders attempt to pull funds from exchanges into noncustodial wallets, those moving coins around are doing so at multi-year high losses.

SOPR divides the realized value of coins in a spent output by their value at creation. In other words, as Glassnode summarizes, “price sold / price paid.”

As Cointelegraph reported, SOPR fluctuates around 1 and tends to be below that level during Bitcoin bear markets and above it in bull markets.