On September 10, the cryptocurrency derivatives market experienced a significant wave of forced position closures. According to Coinglass data, approximately $129 million in positions were liquidated across major exchanges within a single hour.
Long positions suffered the most, accounting for $122 million of the total liquidations, while short sellers lost about $7.3 million. Ethereum positions saw the highest impact with $49 million in liquidations, followed by Bitcoin at $35 million.
Market pressure intensified as Bitcoin traded near $77,000, marking a 1.9% decline. The total cryptocurrency market capitalization dropped by roughly 1.8% to $2.71 trillion, while spot Bitcoin ETF outflows exceeded $120 million during the same session.
Analysts attribute the volatility to an unexpected rise in the US Producer Price Index and concerns regarding potential Federal Reserve rate hikes. This shift toward risk-off sentiment triggered a rapid unwinding of excess bullish leverage across platforms like Binance, Bybit, and OKX.
