Crypto markets saw over $1 billion in leveraged positions wiped out in the past 24 hours after hotter-than-expected U.S. Producer Price Index (PPI) data fueled fears of persistent inflation and delayed Federal Reserve rate-cut expectations. The sell-off came hours after bitcoin hit a fresh all-time high above $123,500, with traders unwinding risk across the board. Major memecoin dogecoin (DOGE) fell 9% to lead losses among majors, with Solana's SOL, XRP, and BNB Chain's BNB dropping between 3-7%.

Liquidation data shows $866 million in long positions were erased — more than six times the $140 million in shorts — as prices reversed sharply from recent highs. Ether traders took the biggest hit, with $348.9 million liquidated, followed by Bitcoin at $177.1 million. Solana, XRP, and Dogecoin s

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