Bitcoin and Ethereum post gains after softer PPI data while ETFs see steady inflows.
Major digital assets posted gains on Wednesday, July 16, after core Producer Price Index (PPI) inflation data came in cooler-than-expected.
Bitcoin (BTC) is currently trading at $119,560, up 2.4% on the day, about 2.6% shy of its latest all-time high of $122,800, recorded on Monday, July 14.
Ethereum (ETH) jumped nearly 9% over the past 24 hours to trade around $3,312 — its highest price since February — making it the best performer today among the top-20 crypto assets. ETH has had a strong week, up over 25%.
Solana (SOL) followed with a 7.4% gain to $173 today, while XRP rose 5% to break over $3, up nearly 28% over the past week.
Total crypto market capitalization remained flat in the past 24 hours at approximately $3.89 trillion, according to CoinGecko. Trading volume over the same period reached $206 billion, down from $211 billion recorded the day before.
Liquidations and ETFs
Over the past 24 hours, more than $366 million in crypto positions were liquidated, according to CoinGlass data, with the largest single order (worth $2.43 million for ETH/USDT) occurring on Binance. Short positions made up the majority of the wipeout, totaling $283 million. Ethereum led liquidations with $167 million, followed by Bitcoin with around $55 million.
U.S. spot Bitcoin ETFs pulled in over $402 million in inflows on July 15, according to SoSoValue, while spot Ethereum ETFs attracted a more modest $192 million. It marked the ninth straight day of net inflows for both products.
PPI and CPI
The latest price action comes as traders weigh the latest PPI data, which stayed flat in June instead of rising 0.2% as expected. Core PPI also showed no change. Goods prices went up 0.3%, but that was balanced out by a 0.1% drop in services.
On a year-over-year basis, U.S. June PPI inflation rose 2.3%, below the 2.5% forecast and down from 2.7% the month before. This marks the lowest reading since September 2024, according to Investing.com’s official X account.
The new data was released just one day after core Consumer Price Index (CPI) figures showed that in June, prices for everyday goods and services – excluding food and energy – increased by 0.2% from the previous month. Over the past year, these prices rose 2.9%, meeting analysts’ expectations.
Trump Dispels Powell Firing Rumors
Meanwhile, earlier today, rumors circulated that President Donald Trump was considering removing Federal Reserve Chair Jerome Powell from his post. However, Trump has since denied the rumors, adding that it was “highly unlikely” he would fire Powell.
“No, we’re not planning on doing anything,” Trump told reporters, per NBC News. “I don’t rule out anything but I think it’s highly unlikely unless he has to leave for fraud.”
This comes as Trump has been pleading with the Fed to cut interest rates and after months of criticizing Powell in social media posts.
“Fed should cut Rates by 3 Points. Very Low Inflation. One Trillion Dollars a year would be saved!!!” Trump wrote on his social media platform, Truth Social, yesterday.
Still, the U.S. central bank is currently employing a wait-and-see approach to properly assess the fiscal impact of Trump’s barrage of tariffs, which are expected to be implemented on August 1.
