Bitcoin surged past the $95K mark as crypto markets responded bullishly to U.S. CPI data coming in softer than expected. The move triggered a cascade of liquidations, with over $687M in short positions wiped out across major trading venues.

What's striking here is the institutional footprint. When these macro releases hit, it's not just retail traders reacting anymore. The size of positions getting flushed suggests serious money was caught on the wrong side of the trade. You see this pattern repeatedly - macro surprises create friction in crowded positioning, and liquidations beget more liquidations as stop-losses fire.

The CPI narrative matters because it shapes rate expectations. Softer inflation readings typically ease Fed tightening concerns, which benefits risk assets like Bitcoin. Institutions positioning ahead of inflation data made the move more pronounced once the numbers landed.