October CPI came in hotter than expected. Headline inflation rose 0.4% MoM against 0.3% expected, while core CPI increased 0.3% versus 0.2% forecast. That's the third consecutive 0.3% core reading. Shelter accounted for over 30% of the monthly increase, food rose 0.5%, and energy slowed to 0.7%. For crypto markets, persistent inflation could keep the Fed cautious on rate cuts. For market makers, the immediate concern is liquidity. Major economic releases can trigger rapid repricing, wider spreads, and thinner order books as traders adjust their exposure. The key question now is how quickly liquidity returns once the initial volatility settles.