Nearly $600 Million in Crypto Longs Liquidated as Bitcoin and Ethereum Fall to August Lows - BeInCrypto

The massive liquidation came as Bitcoin traded at $70,834, its lowest level since August 20, falling 3.79% over 24 hours and 6.53% over the past week. Ethereum dropped 2.10% to $2,007.04, with a weekly loss of 10.11% taking it to its lowest level since mid-August.

Bitcoin Longs Absorb Nearly Half the Damage

Bitcoin positions accounted for $325.28 million of the total liquidations, 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, with the largest single order being a $31.09 million Bitcoin long on Hyperliquid, closed at $72,250.

Market Awaits Key Inflation Data

Bitcoin lost its 200-day moving average of $73,137 on Thursday. If it fails to reclaim that level, the next supports sit at $68,000 and $67,000. For now, Bitcoin holds just above $70,000, with inflation data due later on Friday potentially determining which levels come into play.

The Bureau of Labor Statistics releases October's Producer Price Index at 8:30 a.m. ET. Economists expect a 0.4% monthly rise, down from 1.3% in September. A hotter reading would strengthen the case for a half-point Fed rate hike, while a softer print could ease those bets before the Fed meets on December 8 and 9.