US inflation surprised positively for the first time in months. Nevertheless, sharp sell-offs occurred in Bitcoin and US stocks during US trading hours.
This price movement surprised many traders. However, the charts indicate a familiar picture driven by market structure, positioning, and liquidity sources rather than macro fundamentals.
What Happened After the US CPI Data?
The headline CPI fell to 2.7% year-on-year in November. This rate was well below the market expectation of 3.1%. Core CPI also came in below expectations at 2.6%.
On paper, this was one of the most risk appetite-inducing inflation data of 2025. Markets reacted as expected at first. As Bitcoin surged towards $89,000, the S&P 500 also made a sudden upward leap after the data was released.
However, this rise was not permanent.
About half an hour after the CPI data was released, Bitcoin suddenly changed direction. After testing the intraday peak of $89,200, it sharply fell to around $85,000 due to heavy selling.
The S&P 500 index exhibited similar movements. The sharp fluctuations during the day erased a large portion of gains following the CPI and then entered a stabilization process.
This simultaneous reversal in the crypto and stock markets is significant. This movement shows that the transaction is not unique to the asset or investor sentiment, but fundamentally based on a structural reason.
Bitcoin Taker Sell Volume Tells the Story
The clearest clue is seen in Bitcoin's taker sell volume data.
Sudden spikes in taker sell volume on the intraday chart appeared during moments when Bitcoin broke down. Taker sell transactions indicate that aggressive sell orders hit the buy side and point to net selling rather than position closing.
These spikes clustered at times when US markets were open and coincided with the acceleration of the decline.
Weekly data also confirms this picture. Similarly, in the last week, there were numerous sell-side explosions, especially during times of high liquidity. This indicates a series of forced or systematic position closures rather than piecemeal individual sales.
This behavior is consistent with the triggering of liquidation chains, volatility-sensitive algorithms, and automated risk reduction strategies: as the price moves against leveraged positions, selling accelerates further.
The CPI report was not the reason for the wave of selling due to bad data. The main reason was that the data was positive. In other words, it wasn't a drop that triggered volatility; it was actually a positive development.
The softer inflation data temporarily increased liquidity and narrowed spreads. In this environment, large players can operate more easily and efficiently.
Bitcoin's initial jump likely collided with accumulated orders, stop-losses, and short-term leverage buildup in the order book. As the upward movement stalled, the price retraced, and longs and stops were triggered.
As liquidations began, forced selling accelerated the movement. This means the decline didn't happen gradually but deepened all at once.
The sudden ups and downs of the S&P 500 during the day also present a similar picture. The rapid drop and recoveries that occur when macro data is released are generally related to market makers' hedging operations, gamma effects from options contracts, and algorithmic risk adjustments.
Does This Look Like Manipulation?
Charts do not definitively prove manipulation. However, they reveal patterns that are often associated with stop-runs and liquidity grabs:
Rapid movements to obvious technical levels
Reversals occurring immediately after liquidity increased
Aggressive and heavy selling spikes as support breaks
Price movements directly overlapping with US trading hours
Such behaviors are frequently observed in highly leveraged markets. The most likely actors are emerging from large funds, market makers, and systematic strategies rather than individual investors. These players are effective in every aspect from futures to options, and spot markets. Their aim is not to guide the narrative; but to execute trades efficiently and manage risk.
In the cryptocurrency market, due to high leverage and rapid liquidity drying up outside critical time periods, such transactions can stand out as extreme examples.
What Does This Mean Going Forward?
The wave of selling does not invalidate the signal given by the CPI (CPI). Inflation has really cooled down and is still supportive for risky assets in the long run. What the market has recently experienced is a short-term position adjustment; not a change in direction in the big picture.
In the short term, traders will focus on whether Bitcoin can hold above its recent support levels and whether selling pressure will dissipate as liquidations decrease.
If selling volume on the buy side calms down and maintains price levels, the impact of the CPI data may come to the forefront again in the coming days.
