Bitcoin BTC
+5.61%
Short liquidations surged to more than $48 million in the past 24 hours after the largest digital asset by market capitalization rose above $66,000.
The rally followed the release of U.S. inflation data on Wednesday, which showed core CPI rising 0.3% month-on-month and 3.6% year-on-year. This is the lowest core inflation figure for 12 months since April 2021, and the smallest monthly increase since December. These figures suggest that inflation is cooling.
As the price of Bitcoin rose over the past day, the total number of Bitcoin positions liquidated reached $58 million. In the same period, the broader cryptocurrency market saw liquidations of more than $155 million. The majority of these combined cryptocurrency liquidations (about $113 million) were short positions, according to Coinglass data.
According to The Block’s price page, Bitcoin is trading around $66,300 at the time of this writing and is up more than 6% in the last 24 hours.
Spot Bitcoin ETF inflows increase
The Bitcoin spot ETF recorded its highest daily inflows since early May, bringing total net inflows to more than $302 million on Wednesday. This is the highest inflow since May 3.
Fidelity’s FBTC led inflows with $131 million, followed by Bitwise Bitcoin ETF (BITB) with $86 million. According to SoSoValue data. Additionally, Ark Invest and 21Shares’ ARKB raised $39 million.
Bitcoin dominance rose slightly over the past day to 51.9%, while Ether dominance fell slightly to 14.4%, according to data from Coingecko. According to The Block’s pricing page, the global cryptocurrency market capitalization has increased 5.5% in the last 24 hours, now reaching $2.51 trillion.
The GM 30 Index, which represents the top 30 cryptocurrencies, rose 5.45% to 133.49 during the same period.
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