Hot inflation data wiped $1.26 billion in crypto perpetual futures positions on June 26, forcing out more than 209,000 traders in 24 hours and pushing more than $450 million in leveraged longs out in roughly one hour at the worst of the selloff, according to Coinglass data reported by BeInCrypto.
The trigger: the Bureau of Economic Analysis May personal consumption expenditures report showed headline PCE at 4.1% year-over-year, up from 3.8% in April and the highest reading in more than three years. Core PCE, excluding food and energy, came in at 3.4%. With the Federal Reserve holding its benchmark rate at 3.5%–3.75% after its June 17 decision and officials having already pushed rate-cut projections to 2027–2028, the print eliminated any residual near-term easing case.
Bitcoin fell to a low near $58,000, its lowest since September 2024, before closing at $59,792, down 2.11% on the day, per the KuCoin June 26 market report. Ether dropped further, closing at $1,567, down 3.37%.
The selloff was sharpened by timing. On June 26, $10.6 billion in Bitcoin options expired on Deribit, with 80% of contracts out-of-the-money heading into settlement. That concentration of losing positions left directional perp exposure elevated and largely unhedged as the inflation data landed, compressing the market's ability to absorb forced selling.