Crypto traders lost $599 million in liquidations over 24 hours as Bitcoin and Ethereum fell to their lowest levels since August. Longs accounted for 88% of $680.81 million in total liquidations, according to Coinglass data.
Bitcoin positions took $325.28 million of the damage, with 95.3% from longs. The largest single liquidation was a $31.09 million Bitcoin long on Hyperliquid closed at $72,250. Ethereum saw $106.07 million in liquidations, 89.7% from long bets. In total, 112,947 traders were liquidated.
Bitcoin fell to $70,834, marking its lowest level since August 20. The token dropped 3.79% in 24 hours and 6.53% over the past week. Bitcoin lost its 200-day moving average of $73,137 on Thursday. If it fails to reclaim that level, support sits at $68,000 and $67,000.
Ethereum fell 2.10% in 24 hours to $2,007.04. It lost 10.11% over the past week, reaching its lowest level since mid-August. The total crypto market cap fell 5.09% to $2.42 trillion.
Friday's US Producer Price Index data could shift bets on Federal Reserve rate hikes. CME FedWatch shows the odds of a quarter-point December hike at 85.5%, with a half-point move at 14.5%, up from 0% a week ago. Economists expect October PPI to show a 0.4% monthly rise, down from 1.3% in September. A hotter reading would strengthen the case for a larger rate hike ahead of the Fed's December 8 and 9 meeting.