Bitcoin Long Liquidations Soar Past $860M Amid Market Sentiment Shift

Bitcoin's price surge to $123,500 triggered massive long liquidations worth $860 million in just 24 hours. The event highlights how heavily leveraged bullish bets can lead to cascading forced selling when market sentiment shifts.

The trigger for this sharp reversal was the hotter-than-expected US Producer Price Index data, which pushed back expectations for Federal Reserve rate cuts and negatively impacted crypto prices in the short term.

This move wiped out over $1 billion in total across major crypto exchanges.