Bitcoin dropped back below $79,000 early on May 14, while Ether weakened to around $2,230. After two consecutive nights of sharp selling, liquidations across the crypto derivatives market surged, with total forced closures reaching $385 million over the past 24 hours and affecting 123,123 traders.
The move followed fresh inflation pressure from the United States. According to the source material, both CPI and PPI came in above expectations on back-to-back days, damaging market hopes for Federal Reserve rate cuts this year. That shift in macro sentiment fed directly into risk assets, and crypto took a heavy hit.
Bitcoin and Ether lose support during renewed overnight sell-off
The market had already seen a sharp intraday wick the previous day, but the selling did not stop there. In the early hours of May 14 Taiwan time, another wave hit. Bitcoin failed to hold its support near $79,000, while Ether slid toward the $2,230 level. With both major assets moving lower at the same time, leveraged long positions faced much stronger pressure.
The pace mattered. Fast declines tend to trigger cascading liquidations, especially after traders try to catch a bounce too early. Once key levels break, liquidation engines can accelerate the move and drain liquidity from the order book in a short span.
CoinGlass shows 123,123 liquidated traders, largest wipeout at $11.75 million
Data from derivatives analytics platform CoinGlass showed that liquidations expanded from the previous day. In the last 24 hours, 123,123 traders were forcibly liquidated across the market, with total losses reaching $385 million.
The largest single liquidation was recorded on Binance in the ETHUSDT trading pair, where one position worth $11.75 million was wiped out. That figure points to how quickly large leveraged positions can unravel during a rapid move lower, with Ether contracts taking notable pressure during the sell-off.
The sequence was clear: hotter inflation data weakened rate-cut expectations, sentiment toward risk assets turned lower, Bitcoin and Ether both fell, and the derivatives market followed with a broad liquidation wave.