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Did PPI hit crypto too early? PPI came in hot, and the market reacted fast: $BTC → ~$77K $ETH → ~$2,430 $ZEC → sharper sell-off But the data wasn’t completely extreme. Headline PPI was hot, while core monthly PPI came in softer than expected. So I’m not calling a bear market yet. The real test is CPI. Hot CPI + rising yields → more pressure on risk assets. Cooler core CPI → tonight’s sell-off could look more like a leverage reset. #OutcomesOnOrbit