On June 11, Bitcoin fell by 2.5%, dropping from its daily high of $69,547 to a low of $66,018. Ether experienced an even larger percentage decline, falling 2.58% to $3,500. This downturn in the cryptocurrency market resulted in a significant impact on leveraged trades, wiping out nearly $200 million.

According to data from crypto analytic firm CoinGlass, over the past 24 hours, 83,912 traders were liquidated with a total liquidation of $190.97 million The largest single liquidation order happened on OKX - ETH-USDT-SWAP value of $5.21 million.

When a trader fails to meet margin requirements or runs out of money to maintain the position open, an exchange will liquidate a leveraged position, resulting in a partial or whole loss of the trader’s initial “margin.”

Bitcoin and Ether leveraged traders biggest losers

Bitcoin ( BTC ) traders were the biggest losers, with $46.9 million in liquidation over the past 24 hours, of which $36.8 million were long positions and $14.07 million were short trades.

Ether ( ETH ) traders registered the second-largest liquidation with $41.0 million, of which $31.3 million was long liquidation and $9.68 million was short liquidation.

Crypto downturn nukes $190M leveraged positions as traders eye CPI data image 0 Crypto Liquidation. Source: Coinglass

The liquidation comes just a few days after the crypto market recorded a $400 million liquidation on Friday.

The recent bout of market correction followed by a bloodbath in the leveraged market is linked to the upcoming May Consumer Price Index (CPI) report and Federal Open Market Committee (FOMC) on June 12.

Crypto downturn nukes $190M leveraged positions as traders eye CPI data image 1 Liquidation chart. Source: Coinglass

Related: BTC price risks $60K dive as Bitcoin bid liquidity thins on new 3% dip

Traders await FOMC and CPI data

Historically, CPI data releases and FOMC rate changes have had a volatile impact on the crypto market as investors rush to decouple risk. Currently, the 30-day correlation of the crypto market with U.S. equities has been the highest since 2022.

When the CPI rises, Bitcoin typically experiences a decline in price. The digital asset market as a whole is no exception. When people face price rises on necessities, they have less discretionary cash available, thus less money to invest.

According to reports , FOMC is expected to keep the rate unchanged maintaining the benchmark lending rate of 5.25-5.50%, while CPI data is expected to remain in the 0.1%-0.3% range.

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