More than $106 million in Ethereum (ETH) long positions were liquidated on Binance within one hour following hotter-than-expected U.S. inflation data, marking the largest hourly liquidation of ETH longs on the exchange in nearly six months, according to CryptoQuant analyst Darkfost. He noted that crypto futures trading volume is now roughly nine times spot volume, increasing the market’s vulnerability to economic shocks. Meanwhile, expectations of another Federal Reserve rate hike have climbed from 17% to nearly 30% in one week, adding further pressure on leveraged crypto traders.
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