According to Coinglass data, the cryptocurrency market has witnessed liquidations exceeding $1 billion in the last 24 hours. The considerable amount of liquidations predominantly comes from long positions on Ethereum (ETH) 
$1,819, with a 12-hour long liquidation amounting to $766 million. Bitcoin’s (BTC) rapid plunge from $124,000 to around $117,000 has sparked curiosity among market observers.
Bitcoin’s Decline Explained
The reason for this trend might be attributed to Producer Price Index (PPI) figures, although expectations about closing the CME gap had persisted since Sunday evening. The price, which was above Friday’s CME closing value, started the new week at a higher level. However, eventually, a drop to around $117,000 was anticipated.
Analyst Quinten Francois views today’s decrease as merely closing the CME gap and expects upward momentum to resume. He shared a graph on August 11, asserting his forecast was accurate.
Altcoin Sherpa mentioned a V-shaped recovery. However, despite small similarities observed, caution is advised until daily candle closure.
“Prices rarely reverse entirely in a V-shape, often experiencing pullbacks near low levels post-liquidations. We expect a similar scenario here to observe the reaction.”
The liquidation surpassing $1 billion since the release of the U.S. PPI data indicates a long-biased liquidation tendency. Although ETH positions faced significant liquidation, the $4,500 level remains intact.
Altcoins and THETA’s Prospects
Examining altcoins reveals increased hope due to the Bitcoin 
$64,158 Market Dominance chart and ETH’s approach toward its all-time high region. The impact of PPI data remains uncertain, albeit there were remarks by Trump claiming “almost no inflation”. For BTC Dominance (BTC.D), analyst DaanCrypto shared a subsequent chart.
“This week, as major altcoins continue to outperform BTC, BTC.D is on a downtrend. This overall decline in Bitcoin Dominance currently mirrors the scale of the post-election rally. Remain vigilant for developments. When you cease noticing lower highs and lows, it might be prudent to be more cautious toward altcoins relative to BTC.”
Poppe, sharing his Theta Coin outlook, mentioned expecting a rise due to a deal with Ligue 1 Football Club Olympique Marseille.
“Marseille launched an AI-powered smart mascot. This mascot serves as an advanced fan assistant answering questions about matches, tickets, or stadium directions. Despite this major step, the price barely moved. I believe there’s still substantial upside potential!”
