Bitcoin
Bitcoin Drops Below $81,000 as Inflation Data Triggers $972M in Liquidations
A higher-than-expected inflation print dampened rate cut expectations, pushing Bitcoin down toward $80,200 and triggering heavy losses for leveraged long positions.
The broader cryptocurrency market shed 3.2% in value, wiping out approximately $89.36 billion to reach a total capitalization of $2.71 trillion. Bitcoin fell from a 24-hour peak of $83,700 to an intraday low of $80,226, marking a 3.5% drop over the 24-hour period.
The market decline was sparked by the release of the September Consumer Price Index report on October 14, which showed year-over-year inflation rising to 3.7%, up from 3.4% in August. The hotter reading lowered expectations for near-term interest rate cuts, with CME FedWatch data indicating that the probability of a Federal Reserve rate hike surged to 44%, compared to a previous low of 18%.
The rapid price contraction resulted in $972.46 million in total liquidations across 182,574 traders over 24 hours, according to CoinGlass. Long positions bore the brunt of the downturn, representing $891.2 million or roughly 91.7% of all wiped-out bets. Ethereum also experienced more than $293 million in liquidations as its price fell toward $2,390.
Institutional selling pressure further weighed on sentiment, with spot Bitcoin ETFs seeing $261.4 million in net outflows on October 14, bringing cumulative withdrawals since October 7 to roughly $1.02 billion. On-chain analytics firm Glassnode cautioned that buying demand remains subdued as ETF redemptions and investor break-even exits limit price support.
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