Analysts attribute Bitcoin sell-off to ECB rate hike and higher-than-expected US PPI

CryptoQuant analyst Darkfost noted that Bitcoin faced significant selling pressure following the European Central Bank's 25 basis point rate hike and US PPI data that exceeded expectations. Core PPI rose 4.6% year-over-year, while headline PPI increased by 5.4%. These inflationary concerns triggered a sharp reaction in the futures market, with Binance recording over $1.4 billion in active sell volume within a single hour.