Ethereum Falls Below $2,400 as Hot US Inflation Data Triggers Crypto Selloff

Ethereum dropped over 5% below $2,400 as total crypto market capitalization contracted 2.5% to $2.8 trillion following hotter-than-expected inflation data. The September U.S. Consumer Price Index climbed 3.7% year-over-year, beating expectations of 3.6% and accelerating from August's 3.4%. The print pushed the 10-year Treasury yield toward 5.3% and spurred expectations of Federal Reserve rate hikes. The downturn triggered roughly $972 million in crypto liquidations over 24 hours, heavily hitting Ether longs. Pressure was compounded by spot Ethereum ETFs shedding about $130 million on October 14, marking 11 consecutive sessions of outflows totaling $782.8 million.