Bitcoin futures saw a sharp wave of selling after the European Central Bank raised interest rates by 25 basis points and U.S. PPI data came in above expectations, CryptoQuant analyst Darkfost said. Core PPI rose 4.6% year over year, above the expected 4.5%, while headline PPI increased 5.4% versus forecasts of 5.1%. Active sell volume on Binance surged above $1.4 billion within one hour, while more than $60 million in Bitcoin-related positions were liquidated in under an hour.