Key Points
- Bitcoin’s value surged past $66,000, causing a spike in short liquidations.
- Bitcoin spot ETFs saw their largest daily inflow since early May.
Bitcoin, the largest digital asset by market cap, recently saw its value surge past $66,000. This increase led to a spike in short liquidations, which exceeded $48 million in just 24 hours.
Market Response to Inflation Data
This rally came after the release of U.S. inflation data. The core CPI showed a month-on-month increase of 0.3% and a year-on-year increase of 3.6%. These figures suggest a decrease in inflation, marking the lowest 12-month core inflation reading since April 2021.
The rise in Bitcoin’s price resulted in $58 million in liquidated Bitcoin positions. The wider cryptocurrency market experienced over $155 million in liquidations. The majority of these liquidations, approximately $113 million, were short positions.
Bitcoin Spot ETFs Inflow Increase
Bitcoin spot ETFs experienced their largest daily inflow since early May, with a total net inflow of over $302 million. Leading the inflows was Fidelity’s FBTC with $131 million, followed by the Bitwise Bitcoin ETF (BITB) with $86 million.
Bitcoin’s dominance increased slightly to 51.9%, while Ethereum’s dominance fell slightly to 14.4%. The global cryptocurrency market cap increased by 5.5% and now stands at $2.51 trillion.
The GM 30 Index, which represents a selection of the top 30 cryptocurrencies, increased 5.45% to 133.49 during the same period.
