Bitcoin fell to about $115,000 on Monday, extending a pull-back that began late last week after the world’s largest cryptocurrency touched an all-time high near $125,000. The token was recently down about 2%, erasing part of this year’s powerful rally and dragging broader digital-asset gauges lower. The slide followed higher-than-expected U.S. wholesale inflation data, with the producer price index rising 3.3% in July from a year earlier. The print dented expectations for a September Federal Reserve rate cut and prompted a risk-off shift that spurred more than $552 million of forced liquidations across the crypto market, data from Coin Metrics show. About $123 million of those positions were in bitcoin and $178 million in ether, affecting more than 131,000 traders. Ether retreated 4% to about $4,283, while the CoinDesk 20 index of large-cap tokens slipped 3.7%. Crypto-linked equities also weakened in pre-market trading, with Bitmine Immersion down roughly 6% and newly listed exchange Bullish off 3%. Sentiment was further tested after Treasury Secretary Scott Bessent said the strategic bitcoin reserve created in March will rely on coins forfeited to the federal government rather than new purchases. Market participants are now looking to this week’s Jackson Hole economic symposium and Thursday’s U.S. jobless-claims data for clues on the trajectory of monetary policy.