Crypto traders betting on higher prices lost $599 million over the past 24 hours. The wipeout came as Bitcoin (BTC) and Ethereum (ETH) slid to their lowest levels in nearly three months.
Longs made up 88% of $680.81 million in total crypto liquidations, Coinglass data shows. Friday’s US producer price data could now decide whether bets on a half-point Fed rate hike grow.
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Bitcoin Longs Absorb Nearly Half the Damage
Bitcoin positions accounted for $325.28 million of the total, with longs making up 95.3%. Ethereum followed at $106.07 million, where 89.7% came from long bets.
In all, 112,947 traders were liquidated. The largest single order was a $31.09 million Bitcoin long on Hyperliquid, closed at $72,250.
Leverage on stock-linked contracts unwound too. Nvidia-tracking perpetuals saw about $39.67 million in liquidations following Jensen Huang’s exit from Nvidia.
Those forced sales hit as both majors slid to their lowest levels since August.
Bitcoin and Ethereum Slide to 3-Month Lows
The Bitcoin price traded at $70,834, per BeInCrypto Markets data. This marked the cryptocurrency’s lowest level since August 20. It fell 3.79% over 24 hours and 6.53% over the past week.
Ethereum dropped 2.10% over 24 hours to $2,007.04. Its loss over the past week reached 10.11%, taking it to its lowest level since mid-August. The total crypto market cap was down 5.09% over 24 hours to $2.42 trillion.
Bitcoin lost its 200-day moving average of $73,137 on Thursday, BeInCrypto’s analysis of the breakdown showed. If it fails to reclaim that average, the next supports sit at $68,000 and $67,000.
For now, Bitcoin holds just above $70,000. Inflation data due later on Friday could decide which of those levels comes into play.
Will Friday’s PPI Raise the Odds of a Bigger Fed Hike?
October’s Consumer Price Index rose 0.4% on the month, above the 0.23% forecast. Traders now fully price in a December Federal Reserve (Fed) rate hike.
CME FedWatch put the odds of a quarter-point hike at 85.5% on Friday. The chance of a half-point move stood at 14.5%, up from 0% a week ago.
The Bureau of Labor Statistics releases October’s Producer Price Index (PPI) on Friday at 8:30 a.m. ET. Economists expect a 0.4% monthly rise, down from 1.3% in September, per a Dow Jones survey.
A hotter reading would strengthen the case for a half-point hike. In October, Bitcoin slipped below $80,000 the day after a PPI report beat forecasts.
A softer print could ease those bets before the Fed meets on December 8 and 9.
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