Bitcoin suffered a sharp decline in the past 24 hours, dropping from a high of $81,324 to a low of $78,754, a 1.69% loss. As of 9:20 AM Beijing time on May 14, it traded at $79,578 — over 3.5% below its May 6 peak of $82,496. Ethereum fell 1.10% to $2,264, briefly touching a low of $2,234 near key support. Major altcoins weakened broadly, deepening market pessimism.
Long Positions Wiped Out: $371M Liquidated, 115K Traders Hit
The leverage market bore the brunt of the sell-off. CoinGlass data shows total liquidations across exchanges reached $371.24 million in 24 hours, with longs accounting for $311.55 million (83.9%) and shorts just $59.68 million (16.1%). A total of 115,068 traders were forced to close positions. The largest single liquidation was a $11.75 million ETHUSDT order on Binance. Within shorter timeframes, 12-hour liquidations hit $246 million, 4-hour $12.29 million, and 1-hour $4.97 million — the heaviest selling concentrated overnight into early morning.
Triple Macro Pressure: Hot CPI, Powell Term End, Warsh Succession Vote
The crash was triggered by three macro headwinds. First, US April CPI came in at 3.8% year-over-year, above the 3.7% consensus; core CPI also topped estimates, leading markets to almost fully price out a near-term Fed rate cut — risk assets took the hit. Second, Fed Chair Powell's term ends tomorrow (May 15), with successor Kevin Warsh awaiting a Senate vote this week. Policy uncertainty kept institutional capital on the sidelines. Some crypto researchers had flagged May 11-15 as the “most important macro week of 2026.” Meanwhile, US equities hit record highs on May 13 (Nasdaq +1.20%, S&P 500 +0.58%), while crypto moved in the opposite direction, signaling a divergence in risk appetite.
SOL Plunges 4%, XRP Dips 1%
Solana was the hardest hit among major altcoins, falling 4.28% to $91.15, breaking below the $92 level and down nearly 7% from its May 12 peak of $98.10. XRP showed relative resilience, edging down 1.03% to $1.4324, after touching $1.50 on May 11. Overall, altcoins remain under pressure as liquidity contracts toward core assets in a weak BTC environment.
Fear Index Drops to 34; Can ETF Inflows Hold?
The Alternative.me Fear & Greed Index fell to 34 (Fear) from 42 a day earlier, signaling a rapid shift toward fear. Notably, Bitcoin spot ETFs have recorded 9 consecutive days of net inflows, accumulating about $2.7 billion with a single-day peak of $629 million on May 1. BlackRock's IBIT captured 70% of market share in April. Institutional buying continues, yet spot prices keep falling. If ETF inflows reverse under macro pressure, short-term support will face a stern test. If Warsh is confirmed and strikes a dovish tone, it could fuel a rebound. But with CPI validating a hot economy, the key near-term watch is whether support near $78,000 holds as markets continue to price out rate cuts.