๐ Global & Macro: Chicago Fed President Austan Goolsbee warned that the AI investment boom is spreading inflation pressures from data centers across the broader US economy. Surging demand for power, construction, land, and equipment is driving up costs across multiple industries, potentially forcing the Fed to keep policy restrictive for longer โ or even hike rates.
๐ฆ RWA & Institutional: Russia’s largest bank, Sberbank, has received regulatory approval to conduct cryptocurrency trading and will open the service to all clients on December 1. The move marks a significant shift in Russia’s regulatory stance on digital assets and signals growing institutional embrace of crypto services.
โก Crypto & Markets: Wintermute remains cautious on crypto as US spot Bitcoin ETFs saw $679M in net outflows and Ethereum ETFs $542M last week โ totaling $1.2B. Bitcoin fell from $86Kโ$87K to as low as $80.4K before rebounding above $83K. The firm warns of a lack of fresh capital and advises against chasing low-quality altcoins until Treasury yields stabilize and ETF flows turn positive.
๐ก Key Takeaway: AI-driven inflation risks complicate the Fed’s rate path, while crypto markets face capital outflows and institutional caution โ but Sberbank’s crypto approval hints at long-term adoption momentum.