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

Bitcoin BTC +5.86% 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.