CoinDesk
Bitcoin is trading around $79,800 after sliding as low as $78,720 on Wednesday, still unable to reclaim its weekly open of $82,500. The catalyst: a hotter-than-expected U.S. Producer Price Index print of 6% year-over-year — the highest since 2022 — that triggered a broad risk-off move and wiped out leveraged bullish bets positioned for a breakout above the 200-day moving average near $82,000.
Derivatives markets bore the brunt. Total liquidations surged 68% to nearly $400 million, with $102 million of the $117 million in BTC liquidations coming from long positions. Ethereum open interest hit a record 15.42 million tokens, while the OI-adjusted cumulative volume delta across the top 25 coins remains negative — a signal that sell orders are dominating across the board.
Altcoins took the sharpest hits. The CoinDesk Memecoin Select Index dropped over 10% in 24 hours, 75 of the top 100…
Frequently asked questions
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What factors contributed to Bitcoin's inability to reclaim the weekly open of $82,500?
The inability to reclaim the weekly open is attributed to a hotter-than-expected U.S. Producer Price Index print of 6% year-over-year, leading to a risk-off sentiment that impacted leveraged bullish bets.
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How did the liquidation wave affect the broader cryptocurrency market?
The liquidation wave resulted in nearly $400 million in total liquidations, significantly impacting derivatives markets and causing altcoins to experience sharp declines, with the CoinDesk Memecoin Select Index dropping over 10%.
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