Asian stock markets plunged sharply, with nearly $1 billion in leveraged positions in the crypto market being liquidated. After the CPI exceeded expectations, the market is reassessing the pricing logic of risk assets.
On October 15, South Korea's Composite Stock Price Index fell by about 8% during the trading day, while Japan's Nikkei 225 Index dropped more than 5%. The sell-off in Asian stock markets coincided with the weakness in U.S. tech stocks, with valuations in the AI sector, financing pressures, and the Federal Reserve's interest rate path becoming the focal points of market attention.
The crypto market faced pressures concurrently. Bitcoin briefly fell below $81,000, and Ethereum dropped to about $2,350. In the past 24 hours, the liquidation amount in the crypto market approached $1 billion, with the vast majority coming from bullish long positions. 
Consolidation of Long Liquidations, ETH Under Greater Pressure
According to related data from CoinGlass, about $951 million in positions were liquidated in the crypto market in the past 24 hours, with long positions accounting for approximately $876 million.
Ethereum became one of the most affected assets, with the liquidation amount of ETH-related positions around $283 million, of which over $261 million came from longs. The liquidation amount related to Bitcoin was about $196 million.
This round of liquidation reflects that the leveraged longs accumulated in the market previously were concentrated in closing positions during a rapid price drop. Forced liquidations further increase selling pressure, amplifying price volatility.
However, the scale of liquidation itself does not indicate that the market has reached the bottom. It remains to be seen whether spot buying can absorb selling pressure and whether leveraged positions will re-accumulate.
CPI Hot, Rate Expectations Fluctuate
The macro pressure comes from the U.S. inflation data for September.
The overall CPI in the U.S. rose 3.7% year-on-year, while core CPI rose 2.6% year-on-year, both exceeding market expectations. Following the data release, the market briefly increased bets on the Fed raising interest rates, leading to a stronger dollar and subsequent pressure on risk assets.
However, the market did not continue betting on rate hikes. On October 15, as Federal Reserve officials signaled caution and U.S. Treasury prices rebounded, traders' expectations for a rate hike in October diminished. According to Reuters, the market's expectation for the Fed to maintain rates in October rose to about 73%.
This means that the current market is facing not just a stronger dollar, but a rebalancing between inflation pressure and economic growth risks.
Next, Focus on Two Signals
First, whether Asian stock markets and U.S. tech stocks can stabilize. If the stock market continues to be pressured, risk appetite may be further affected, which could transmit to crypto assets.
Second, whether spot funding can absorb the selling pressure post-liquidation. After concentrated clearing of leveraged longs, whether the market can stabilize still depends on real buying rather than the decline of liquidation amounts.
Currently, the adjustments in Asian stock markets, liquidations in the crypto market, and U.S. inflation exceeding expectations are occurring simultaneously, reflecting that global risk assets are in a phase of repricing.
What truly matters next is not whether a liquidation event has ended, but whether, after easing macro pressures, funds are willing to reassume risks.
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