Crypto traders betting on higher prices lost $599 million over the past 24 hours. The wipeout came as Bitcoin (BTC) and Ethereum (ETH) slid to their lowest levels in nearly three months.

Longs made up 88% of $680.81 million in total crypto liquidations, Coinglass data shows. Friday’s US producer price data could now decide whether bets on a half-point Fed rate hike grow.

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Bitcoin Longs Absorb Nearly Half the Damage

Bitcoin positions accounted for $325.28 million of the total, with longs making up 95.3%. Ethereum followed at $106.07 million, where 89.7% came from long bets.

In all, 112,947 traders…