Bitcoin surges past $66,000 in volatile move, triggering spike in short liquidations

Quick Take
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Bitcoin short liquidations have spiked above $48 million in the past 24 hours.
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Bitcoin’s price has increased over 6% during this time, currently trading at $66,300


Bitcoin short liquidations have spiked to more than $48 million in the past 24 hours after the largest digital asset by market cap rallied above the $66,000 mark.
The rally follows the release of U.S. inflation data on Wednesday that showed core CPI saw a month-on-month increase of 0.3% and a year-on-year increase of 3.6%. This marks the lowest 12-month core inflation reading since April 2021, with the monthly increase being the smallest since December. These figures suggest a cooling of inflation.
The rise in Bitcoin’s price over the past day saw a total of $58 million in liquidated bitcoin positions. The wider cryptocurrency market was hit by over $155 million in liquidations in the same period. Of these combined crypto liquidations, the vast majority — around $113 million — were short positions, according to Coinglass data.
Bitcoin is changing hands at around $66,300 at the time of writing, having increased over 6% in the past 24 hours, according to The Block’s price page.
Spot bitcoin ETF inflows increase
Bitcoin spot ETFs saw their largest daily inflow since early May, recording a total net inflow of over $302 million on Wednesday. This marks the highest influx since May 3rd.
Fidelity’s FBTC led the inflows with $131 million, followed by the Bitwise Bitcoin ETF (BITB) with $86 million, according to SoSoValue data. Additionally, Ark Invest and 21Shares’ ARKB drew in $39 million.
Bitcoin dominance edged up slightly over the past day to 51.9%, with ether dominance falling slightly to 14.4%, according to Coingecko data. The global cryptocurrency market cap increased by 5.5% in the past 24 hours and now stands at $2.51 trillion, according to The Block's Prices Page.
The GM 30 Index, representing a selection of the top 30 cryptocurrencies, increased 5.45% to 133.49 in the same period.
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