Bitcoin is trading sideways around $81,458 after swinging between $80,462 and $82,137 over the past 24 hours. Ethereum lags at $2,329, down 0.87%. Early Wednesday saw altcoins take the lead: Solana hit a 14-day high of $98.10, while XRP held above $1.48, hinting at a potential rotation away from BTC dominance.
$222M Liquidated in 24 Hours; Shorts Dominated Last 12 Hours
Data from CoinGlass shows $221.82 million in total liquidations across the crypto market over the past day, affecting 84,276 traders. Long and short liquidations were nearly even at $112.24M vs $109.58M overall, but the most recent 12-hour window saw shorts account for over 60% of liquidations, totaling $88.21M. The largest single liquidation was a $2.49M BTCUSDT position on Binance.
Three Major Catalysts Converge: CPI, Trump-Xi Summit, Digital Asset Hearing
Markets are bracing for a dense macro week:
• Tonight: U.S. April CPI — Cleveland Fed's Nowcast projects a 3.56% year-over-year increase, but analysts warn of a potential 3.7% reading, which would top March's 3.3% and dent rate-cut expectations. Markets now price a less than 5% chance of a June cut.
• May 13–15: Trump-Xi Beijing Summit — Beijing confirmed President Trump's visit to China on May 11, the first formal U.S.-China summit in eight years. Any de-escalation could boost risk assets.
• May 14: Senate hearing on the Digital Asset Market Clarity Act — The Banking Committee will review the bill, moving crypto regulation toward a legislative stage.
The Fed's April 29 FOMC meeting delivered an unusual 8–4 split vote to hold rates at 3.50%-3.75%. Chair Powell's term ends May 15, and nominee Warsh is expected to lead the next meeting, raising questions about policy continuity.
Altcoins Lead: SOL Hits 14-Day High, XRP Holds $1.48
Solana surged to $98.10 in early Asian hours, now trading at $97.30 for a +1.86% daily gain. Since its April 30 low of $82.14, SOL has rallied over 18%. XRP climbed to $1.4768, up 1.48% on the day, extending a recovery from $1.35 on April 30 (up 9%). Two altseason indicators have flashed, but BTC’s dominance remains near 60%, meaning a full rotation is not confirmed without a sharper drop in dominance.
Sentiment Neutral at 49; U.S. Stocks Hit Fresh Highs; ETF Inflows Continue
The Crypto Fear & Greed Index reads 49 (Neutral), nearly unchanged from 48 yesterday and 50 last week. This contrasts with last month's extreme fear reading of 16. U.S. equities closed at all-time highs on May 11: S&P 500 at 7,412.84, Nasdaq at 26,274.13, Dow at 49,704.47. Bitcoin spot ETFs saw net inflows of over $600 million in the first week of May, with Morgan Stanley contributing $194 million on May 11 alone.
Key levels to watch: whether BTC can hold $80,000 support, how the CPI print compares to expectations, and how markets price geopolitical risk ahead of the Trump-Xi summit. A benign CPI and positive summit vibes could fuel further altcoin rotation.