BlockBeats report: On October 15, the U.S. September CPI exceeded market expectations, once again challenging the assessment that inflation is easing. The overall CPI rose 0.6% month-over-month and 3.7% year-over-year; gasoline prices surged 9.1% in a single month, accounting for more than half of the overall increase. More notably, core CPI rose 0.3% month-over-month for the second consecutive month, with the year-over-year growth rate climbing to 2.6%. Prices for housing, airfare, and healthcare services remain resilient. This indicates that while inflationary pressures are being driven by energy prices, they are not confined solely to the energy sector, strengthening the Fed’s rationale for maintaining a tight monetary policy in the near term. Market expectations for an October rate hike briefly returned to nearly 50%.
Changes in interest rate expectations have rapidly transmitted to risk assets. In Asian markets, South Korea’s KOSPI plunged nearly 8% intraday, with Samsung Electronics and SK Hynix falling in tandem, indicating that investors are not only concerned about rising funding costs but are also reassessing the returns on AI infrastructure investments and semiconductor valuations. As higher interest rates compress valuation multiples, capital allocations previously concentrated among a few AI-focused companies are more likely to be rebalanced.
The crypto market reacted more directly. Over the past 24 hours, approximately $948 million in total liquidations occurred across the market, with long positions accounting for about $873 million and short positions for about $74.94 million. Long liquidations made up over 90% of the total, indicating that the price decline triggered significant leveraged position unwinding. The BTC liquidation heatmap shows dense upward liquidation liquidity between $82,800 and $83,500, with additional concentration between $84,000 and $85,000; below, around $80,000, lies a key short-term support level worth monitoring.
Next, market focus will shift from the single CPI data point to whether inflation is persistent and whether the Fed will take further action due to energy prices. If U.S. Treasury yields and the dollar continue to strengthen, the crypto market may face pressure from deleveraging—even without new negative catalysts. If interest rate expectations cool again, further observation is needed to determine whether BTC can reclaim the dense liquidation zone above and whether any rebound is accompanied by a healthier positioning structure.