Cooler Us Ppi Catches A $52 Million Bitcoin Bear Off Guard

What Happened

The reversal followed a brutal day for bulls. Over 24 hours, $1.42 billion in crypto positions were liquidated, and 83.4% of that hit traders betting on gains, according to CoinGlass.

Inflation still did not cool. The annual rate rose from 6.3% in September, and a core measure climbed 0.5% for the month.

Bitcoin, which had dipped below $67,600 earlier in the day, jumped from about $69,246 to nearly $70,000 within five minutes of the release. It briefly topped $70,200 on Binance before easing to about $69,870.

Market Context

US PPI data showed producer prices rising less than expected in October, and Bitcoin (BTC) jumped within minutes. The move caught bearish traders off guard, wiping out about $39 million in short bets within an hour, CoinGlass data shows. One trader who bet $52 million on a drop now sits under 2% from a forced exit.

How did US PPI flip the market against bears?

The Producer Price Index (PPI) tracks what businesses pay for goods and services. As a result, it often hints at what shoppers pay later.

Prices rose 6.5% over the year, below the 6.6% forecast, the Labor Department said. The monthly gain was 0.3%, under the expected 0.4%.

Short sellers, who profit when prices fall, took the hit. They accounted for $39.06 million of the $41.14 million liquidated in the hour, CoinGlass data shows.

Hyperbot puts the liquidation price, where the exchange forcibly closes the bet, near $70,986. At its peak, Bitcoin came within about 1.1% of that level, and the gap later widened to roughly 1.6%.

If the bet fails, closing it means buying back 750 BTC into a rising market. In March 2025, a $423 million, 40x Bitcoin short on the same exchange sparked a public liquidation hunt, BeInCrypto reported.

The bigger test comes at the Fed’s December 8–9 meeting. Governor Christopher Waller has tied a possible half-point hike to core consumer prices running at 0.3% or more. October’s core reading hit exactly that, according to ING.

Why It Matters

Can the $52 Million Bitcoin Short Survive?

Tracking site Hyperbot shows a trader on crypto exchange Hyperliquid opened a 750 BTC short 50 minutes before the data. The entry averaged $69,008.

Details

The trader posted about $1.94 million of their own funds. Borrowed money, at up to 40 times leverage, covers the rest.

The position was already down about $208,000 before the release. There is no public evidence the trader saw the numbers early.

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