$BTC just lost $966M in leveraged longs, but the bigger signal is who isn’t selling Is this capitulation, or the setup for another leg lower ? September PPI jumped 1.3% against a 0.6% forecast, the biggest monthly rise since March 2022. Core PPI hit 0.7%, more than double expectations, right after a hot CPI at 3.7% YoY. Traders now price a real chance of a Fed hike on Oct 28. BTC dipped to $80.2K, and spot ETFs bled $261M on Wednesday, wiping out the previous day’s $176M inflow. KOSPI’s 9% drop added to the risk-off mood. Glassnode shows long-term holder realized losses down 85%, and on-chain data shows whales buying while retail sells. That’s not what capitulation usually looks like. My read: not capitulation yet, but not safe either. A daily close below $80K opens $78K, with the Sept 15 low near $75K next. Hold $80K, and this PPI shock gets absorbed. #BTC Price Analysis# #Macro Insights# #FED