Bitcoin plunged overnight, sliding from a 24-hour high of $81,476 to as low as $79,843, currently trading at $80,786. Ethereum broke down in tandem, hitting a low of $2,256 before recovering to $2,283. All four major coins turned red as longs were swept. BTC has dropped over 2% from its recent peak of $82,496 (May 6, 20:00 UTC), with ETH also retreating from its $2,411 high (May 6, 19:01 UTC).
$276M in Liquidations, 82.6% From Longs
The past 24 hours saw a brutal purge in the futures market. CoinGlass data shows 96,304 traders liquidated for a total of $276.13 million — long positions accounted for $228.13 million, or 82.6%, while shorts contributed only $48.01 million. The liquidation momentum accelerated: the last 12 hours alone recorded $157.83 million in forced closures, far exceeding the $12.6 million in the prior 4-hour window and $3.59 million in the last hour. The largest single liquidation was a $2.71 million ETHUSDT position on Binance.
CPI Miss at 3.8%, Oil Surges Past $102, Goolsbee Warns of Overheating
The sell-off was triggered by the U.S. April CPI report released on May 12: year-over-year inflation came in at 3.8%, above expectations, confirming a rebound in price pressures. On the same day, WTI crude surged 4.19% to $102.18 per barrel, as geopolitical tensions pushed energy costs higher. Fed official Austan Goolsbee warned that the U.S. economy risks overheating, adding that the April inflation reading was "worse than anticipated." Markets quickly repriced the likelihood of rate cuts, putting risk assets under pressure.
Three major events remain on the docket this week: the April PPI release on May 13, the Senate Banking Committee hearing on the Digital Asset Market Clarity Act on May 14, and the expiration of Fed Chair Jerome Powell's term on May 15, with succession still uncertain.
SOL and XRP Also Slide
SOL is trading at $94.67 (down 2.73%), with a 24-hour low of $93.55. Its local peak of $98.10 (May 12, 04:00 UTC) was erased within a day, showing rapid price digestion. XRP stands at $1.4417 (down 2.40%), with a 24-hour low of $1.4183; it hit a high of $1.50 on May 11 and has since dropped nearly 4% in two days.
Fear Index Drops 7 Points; ETF Inflows Offer Support
Crypto market sentiment turned sharply: the Alternative.me Fear & Greed Index fell to 42 (fear) from 49 (neutral) in a single day, reflecting a quick loss of bullish confidence. U.S. stocks closed mixed on May 12: the S&P 500 fell 0.16%, Nasdaq dropped 0.71%, while the Dow edged up 0.11%, with tech shares under pressure mirroring crypto weakness.
On the positive side, U.S. spot Bitcoin ETFs saw net inflows of $2.44 billion in April, the highest monthly inflow since October 2025. Morgan Stanley alone added $194 million on May 11, indicating that institutional appetite remains intact. In the near term, this week's three macro events are likely to drive volatility, and bulls will need to hold the $80,000 level as uncertainty subsides.