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The CPI reading reduced expectations for interest-rate cuts in the next months, weighing on risk assets such as crypto.

Bitcoin (BTC) slid under the $63,000 mark early Tuesday as profit-taking from a weekend rally extended into a second-day, bringing down the broader crypto market.

The sell-off was broad-based, with DOGE, SHIB, AVAX, LINK diving more than 4% in less than an hour.

Traders say bitcoin could drop to $55,000 in the near-term, but favorable Fed policies could set the stage for its next leg up.

Memecoin DOGE led losses among major tokens with a 5% slide in the past 24 hours ahead of the Labor Day holiday in the U.S.

U.S.-listed BTC ETFs recorded $71 million in net outflows on Thursday for the third consecutive day, SoSoValue data shows, in a sign of professional funds leaving the market.

“There exists a large, untapped pool of capital within the Bitcoin ecosystem that remains dormant,” Wintermute’s OTC desk told CoinDesk.

Futures tracking crypto markets saw some $155 million in shorts liquidated in the past 24 hours after a sudden uptick in prices in U.S. hours.

Mining stocks represent an attractive opportunity for investors looking to gain access to the long-term bitcoin adoption trade, the analysts wrote.