For months, crypto traders have timed leverage, funding, and liquidity around the monthly U.S. inflation print.
This week, those who had hoped the recent vote to reopen the government would bring new macro data were disappointed to find nothing on the tape. The Bureau of Labor Statistics said in October that
“No other releases will be rescheduled or produced until the resumption of regular government services.”
The last completed CPI report, covering September, was released late on October 24, following the shutdown’s interruption of normal operations.
The all-items index level came in at 324.80, with headline and core inflation both at 3.0% year-over-year. Trading Economics currently lists December 10 as the next scheduled date on the CPI calendar.
Why the Missing October Print Matters for Markets
There is now a gap for October that may never be filled. Because the shutdown covered the full data-collection period, field staff were unable to gather the price sample that underpins CPI. That may be collated and included in the December update, but the indication is that there will now be a gap.
White House Press Secretary blamed the gap on the Democrats, asserting,
“The Democrats may have permanently damaged the Federal Statistical System with October CPI and jobs reports likely never being released.”
Without that survey, the BLS could not post an update on Nov. 13, the standard date when markets would have received the October reading. Officials have signaled that October may not be reconstructable even after operations return to normal, as there is no primary data to benchmark against.
For crypto markets, the absence of a number mattered more than any hypothetical value. Bitcoin and Ethereum entered the week positioned for a volatility event that never materialized. Though volatility came regardless.
Spot Bitcoin fell around 6% over the session, along with a sea of red across the entire crypto market. Liquidity remains thin, and derivatives open interest edged lower, a behavior that aligns with a market waiting for macroeconomic information that did not materialize.
The missing CPI broke the usual chain that connects inflation data to crypto price action.
Normally, a softer print feeds expectations for a less restrictive Federal Reserve path. Treasury yields edge down, the dollar weakens, and risk assets, including Bitcoin, catch a bid.
A hotter print does the opposite, firming expectations for tighter policy and pressuring long-duration assets.
With no data, rates desks had no fresh input for real yields or breakeven inflation. The Fed outlook shifts to a trade on speeches, market-based inflation swaps, and secondary indicators.
That macro vacuum pushed crypto further into its role as a proxy for expectations about future policy rather than a simple high-beta extension of equities.
Without CPI, desks leaned more on liquidity, ETF flows, and options positioning. Funding rates on major futures pairs compressed as new directional leverage stayed on the sidelines.
All of this redirects attention to Dec. 10, the next date on the CPI calendar. Trading Economics lists that day as the “next release,” although the value field is empty, emphasizing that it is a placeholder rather than a confirmed dataset.
The Market Impact of October’s Unfillable CPI Gap
Markets now have to price three broad paths for what that date could bring.
One path is for the BLS to manage the reconstruction of some form of October CPI using partial samples, imputation, or model-based estimates.
If that happens, traders may treat the number as lower quality than a normal print, since the underlying survey would not follow the standard methodology. Reaction in crypto could be modest.
If the headline monthly change lands at 0.2% or below, consistent with a controlled disinflation trend, the usual pattern would be dollar softness, a pullback in yields, and a Bitcoin bounce.
Ethereum is likely to outperform over the next one to two days as traders re-engage with higher-beta risk. Smaller altcoins tend to follow, often moving in the 5–12% range once liquidity shifts down the risk curve.
If the reconstructed number or a clean November print falls in a “sticky” zone around 0.3–0.4% month-on-month, the message for policy becomes less clear.
Yields may move in a narrow range, and crypto could end the day close to where it started. Bitcoin may trade flat, with altcoins underperforming as traders cut marginal risk.
Funding rates in perpetual futures could slide into slightly negative territory as short-term hedging flows dominate.
A third path is that inflation data comes in hot at 0.5% or above. That outcome would strengthen expectations that the Fed needs to keep policy tight for longer, pulling the dollar higher and pushing Treasury yields up across the curve.
In previous episodes, such combinations have been associated with a 3–6% intraday drop in Bitcoin, sharper moves in Ethereum, and a broad deleveraging in altcoins.
Liquidation volumes in such washouts often run two to four times above recent norms as overleveraged positions are forced out.
How the CPI Void Reshapes Short-Term Macro Trading
The more unusual scenario is that Dec. 10 arrives with no October CPI at all because the BLS decides the missing survey cannot be credibly reconstructed or additional delays occur in the pipeline.
In that world, the next clean reading would reflect November conditions, and the gap between hard inflation data points would stretch to almost two months.
Treasuries would need to lean more heavily on breakeven markets and inflation swaps to anchor expectations. The term’ premium across the curve’ could embed a fatter risk buffer for the uncertainty surrounding true price dynamics.
Trading Economics currently forecasts continued inflation pressure into next year, with CPI rising month-on-month.
For digital assets, a world with unreliable or irregular inflation data introduces a new kind of macro regime.
Crypto becomes more of a “macro-smoothed” asset class, trading on slower-moving forces such as ETF flows, structural demand from long-only allocators, corporate balance sheet decisions, and the plumbing of dollar liquidity.
Short-term volatility driven by scheduled data would fall, replaced by longer episodes of uncertainty punctuated by policy communication and idiosyncratic crypto events.
That regime would likely reinforce Bitcoin’s status as the sector’s benchmark. When macroeconomic uncertainty is high but data are sparse, traders have a lower appetite for tokens farther out on the risk spectrum.
Capital tends to consolidate into assets with deeper liquidity, clearer narratives, and more developed derivatives markets. Altcoins that rely on high leverage or speculative momentum for price support may find these conditions scarce until regular macroeconomic releases resume.
The CPI gap also elevates the importance of alternative data sources and nowcasting models that attempt to infer inflation from high-frequency inputs such as card spending, freight rates, or online prices.
Traditional macro desks already track those indicators, but without a monthly BLS checkpoint, they carry more weight.
Crypto traders may have to incorporate such tools more systematically if the formal inflation pipeline remains unstable.
For now, the CPI story is not about an upside or downside surprise but about an empty line in the macro calendar.
The last confirmed reading shows a 324.80 index level for September with 3.0% inflation on both headline and core measures.
The next entry is a blank field on Dec. 10 that may or may not contain October’s missing data. Crypto markets are trading around this absence, waiting to see whether the world’s most-watched inflation gauge reappears or whether the macro vacuum persists.
