Hot PPI Print Pauses Crypto’s Rally, But Demand Still Absorbs Supply

Key Takeaways

• July U.S. PPI came in at +0.9% MoM vs. +0.2% expected, the biggest monthly gain in 3 years, briefly pressuring risk assets. This caused BTC to fall from the $121K price region to $117.1K before stabilizing above $118.5K; ETH also pulled back from $4.8K toward $4.6K.
• The volatility was marked by Deribit posting a record $10.9 billion daily options volume; leverage in ETH and altcoins remained elevated at near-record OI levels.