In a brutal 24-hour sell-off, crypto markets shed over $1 billion in leveraged positions, with long traders bearing the brunt of the losses. Sparked by hotter-than-expected U.S. Producer Price Index (PPI) data, fears of persistent inflation and delayed Federal Reserve rate cuts triggered a sharp reversal from recent highs. Bitcoin, which had just soared past $123,500 to a new all-time high, led the retreat alongside major altcoins.
Ether traders suffered the most, with $348.9 million in positions liquidated. Bitcoin$BTC followed with $177.1 million wiped out, while Solana$SOL , XRP,and Dogecoin$DOGE saw $64.2 million, $58.8 million, and $35.8 million in liquidations, respectively. Long positions took a staggering $866 million hit—over six times the $140 million in short liquidations.
The carnage was widespread, with memecoin favorite Dogecoin (DOGE) plummeting 9% to $0.2309, leading losses among major coins. Solana (SOL), XRP, and BNB Chain’s BNB also slid, dropping between 3-7% as traders scrambled to unwind risk across the market.
