The probability of Bitcoin reaching $67,500 in July rises to 70%, with spot ETFs recording net inflows for five consecutive days.
The spot Bitcoin ETF saw a net inflow for the fifth consecutive trading day this week, fueling increased bets on higher price levels. Meanwhile, the Federal Reserve has kept its target interest rate at 3.50% to 3.75%, and newly appointed Chair Kevin Warsh has shifted the central bank's communication style to a purely data-dependent approach.
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Saudi Arabia's oil production in October surged by 26%, reaching the highest level since the onset of the conflict, while Brent crude has dropped over 20% this month
OPEC's monthly report shows that Saudi Arabia's average daily crude oil production in October rose to 10.56 million barrels, just several hundred thousand barrels lower than the pre-war level in February and slightly above its quoted limit under the OPEC framework. Iraq's daily output in October also reached approximately 4.9 million barrels, a new high since the outbreak of war. Meanwhile, after the UAE exited OPEC and began competing in the market independently, both the UAE and Saudi Arabia recently slashed their official December cargo prices for Asian buyers, intensifying the competitive landscape.
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