The cryptocurrency market is cooling slightly after its recent rally, with most large-cap crypto assets flat or moderately down over the past 24 hours. Total crypto market capitalization dipped 1.6% to $4.11 trillion, as traders digest today\u2019s U.S. PPI report and the upcoming Trump-Putin meeting in Alaska.<\/p>\n
Bitcoin (BTC<\/a>) is trading near $118,600, down 2% on the day, after the largest cryptocurrency shortly set a new all-time high just above $124,000.<\/p>\n Ethereum (ETH<\/a>) is flat today, but remains the week\u2019s top performer, up 22% over the past seven days. The largest altcoin is currently trading near $4,661 after attempting to break past 4,800 earlier today, but meeting resistance.<\/p>\n XRP<\/a> and Dogecoin (DOGE<\/a>) were the biggest losers among the top-10 assets today, with XRP down 4% to $3.11, and DOGE down 5.6% to $0.22. Solana (SOL<\/a>) is flat at $196, while its weekly gains stand at nearly 15%.<\/p>\n The pullback in overall markets follows a sharp spike in liquidations. CoinGlass data show<\/a> over $1 billion in positions were wiped out over the past 24 hours, with long traders accounting for more than $750 million of the total.<\/p>\n Traders now seem to be watching the $5,180 ETH level, where more than 40,000 ETH in positions on Hyperliquid could face liquidation, per CoinGlass data.<\/p>\n The market-wide retracement comes amid rising Treasury yields after hotter-than-anticipated U.S. Producer Price Index (PPI) \u2014 with factory-gate inflation rising 0.9%<\/a> in July, the largest monthly jump in over three years \u2014 which lowered hopes of an aggressive Fed rate cut.<\/p>\n Despite still high expectations for a 25 bp cut in September, Fed futures pulled back slightly, though the probability of a first 0.25% move remains near certainty.<\/p>\n Markets are also awaiting the meeting of U.S. President Donald Trump and Russian President Vladimir Putin in Alaska this Friday to discuss a ceasefire in Ukraine, with a follow-up meeting with Ukrainian President Volodymyr Zelenskyy and a possible air truce also under consideration.<\/p>\n Analysts at Glassnode noted in an X post<\/a> on Wednesday that open interest across major altcoins is now at a record $47 billion, increasing both upside and downside moves. The on-chain analytics firm also added<\/a> that short-term Bitcoin holders briefly sold at a loss before regaining footing, suggesting traders are now trying to defend a cost basis near $112,000.<\/p>\n As for crypto ETFs, institutional buying remains concentrated in ETH, with little spillover into other large-caps beyond SOL and XRP, CoinShares head of research James Butterfill pointed out<\/a> in an X post today. Spot ETH ETFs saw another strong day of inflows yesterday, netting $729.14 million across all products, per SoSoValue<\/a>. <\/p>\n Bitcoin ETFs drew in $86.9 million on Wednesday, showing traditional investors are still preferring the second-largest cryptocurrency for now.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":" Bitcoin slips below $120,000 from new ATH above $124,000 as crypto markets see $1 billion in liquidations. The cryptocurrency market is cooling slightly after its recent rally, with most large-cap crypto assets flat or moderately down over the past 24 hours. Total crypto market capitalization dipped 1.6% to $4.11 trillion, as traders digest today\u2019s U.S. […]<\/p>\n","protected":false},"author":2,"featured_media":401929,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[274,273,272,244,266,271,268,270,269,267],"class_list":["post-401925","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-de-fi","tag-crypto-finance","tag-decentralized-finance","tag-liquidity","tag-metamask","tag-pancake","tag-slippage","tag-sushiswap","tag-tronlink","tag-trust-wallet","tag-uniswap"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/401925","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=401925"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/401925\/revisions"}],"predecessor-version":[{"id":401930,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/401925\/revisions\/401930"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/401929"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=401925"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=401925"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=401925"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"the-defiant\"](\"https:\/\/thedefiant.io\/_next\/image?url=https%3A%2F%2Fcdn.thedefiant.io%2Fad_4nxe1vdiagmuojxuqpll2lqafcxmq9o8usehomaiq6-wecm6vydrwpxsw-01f0c5b6-9e1d-4105-ac17-f3192c6c2b99.png&w=3840&q=100\"\/)
![\"the-defiant\"](\"https:\/\/thedefiant.io\/_next\/image?url=https%3A%2F%2Fcdn.thedefiant.io%2Fad_4nxdmv_bybohvqstafg00ht7wmx9chyuac5hhu5jbuaosqh5mfiitsa5b-465d403b-3466-4c0f-997d-835b1875fb56.png&w=3840&q=100\"\/)
Fragile Market<\/h2>\n
![\"the-defiant\"](\"https:\/\/thedefiant.io\/_next\/image?url=https%3A%2F%2Fcdn.thedefiant.io%2Fad_4nxem36achknaweu8cbovqzj_kyyf8sehfdtbkkyyxu6gu9rq4xkfikba-6526e46c-ea93-46c4-8af0-217cfcd02e12.png&w=3840&q=100\"\/)
![\"the-defiant\"](\"https:\/\/thedefiant.io\/_next\/image?url=https%3A%2F%2Fcdn.thedefiant.io%2Fad_4nxfpaqgr-3prbp576i18tfssli0snhn4ufpytugtxrenpcvl6rlmw9ji-2e50813f-d8d3-42d2-8451-974aac3655e1.png&w=3840&q=100\"\/)