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Bitcoin and major altcoins rallied sharply following the latest U.S. inflation data, triggering a massive crypto short squeeze that liquidated hundreds of millions of dollars in leveraged positions.
August’s core personal consumption expenditures (PCE) report showed that inflationary pressures remain persistent, with prices across more than half of the index’s components still rising above the Federal Reserve’s target rate. Despite the challenging macroeconomic environment, traders interpreted signs of cooling inflation as supportive for risk assets.
According to CoinGlass data, 73,709 crypto traders were liquidated over 24 hours, with total losses reaching $259.12 million. The strongest imbalance occurred shortly after the inflation data was released. Short liquidations surged to $82.61 million within one hour, compared with just $3.09 million in long liquidations.
Bitcoin led the rally, briefly climbing to $83,825.17 while maintaining roughly 59% of the total cryptocurrency market. BTC short sellers suffered more than $51.69 million in liquidations over 24 hours. The largest individual liquidation occurred on HTX, where a BTC-USDT position worth $6.91 million was forcibly closed.
Ethereum also contributed significantly to the liquidation wave, accounting for $16.39 million despite Ether briefly falling to $2,679.29. XRP joined the broader short squeeze after trading around $1.4975, with leveraged bearish positions caught by the sudden market rebound.
The rally comes despite several pressures that could weigh on cryptocurrency prices. U.S. equities have lost momentum, oil prices remain elevated, and the 10-year Treasury yield is hovering near 5.2%. Meanwhile, the CLARITY Act’s failure to advance in the Senate added another potential regulatory headwind.
Bitcoin nevertheless recovered quickly from an initial decline, highlighting continued demand even amid unfavorable macroeconomic and regulatory developments. Growing participation from spot Bitcoin ETFs, major banks and institutional funds may be providing deeper long-term market support.
With year-end approaching, traders are now watching whether institutional allocations and expectations for fresh capital in 2027 can sustain Bitcoin’s resilience and extend the broader crypto rally.
