The cryptocurrency market experienced a sharp downturn on August 14-15, 2025, resulting in over $1 billion in liquidations within a 24-hour period. Approximately 221,000 traders were liquidated, with long positions accounting for roughly $813 million to $752 million of the total, and shorts making up the remainder. Major cryptocurrencies including Bitcoin (BTC) and Ethereum (ETH) were heavily affected, with BTC falling about 2.3% to around $119,000 and ETH dropping similarly to near $4,640. The market cap declined by more than $100 billion during this period, reflecting increased volatility following a recent all-time high for BTC above $124,000 and ETH nearing its 2021 peak. The sell-off was partly triggered by higher-than-expected Producer Price Index (PPI) data. Notably, the largest single liquidation was a $6.25 million Ethereum trade on the OKX exchange. Other tokens including Dogecoin (DOGE), Solana (SOL), and XRP also saw declines, with altcoins generally falling between 3% and 5%. Despite the downturn, Ethereum ETFs attracted significant inflows, outperforming BTC ETFs by a ratio of 3.3 to 1 over the past five sessions. The volatility underscores the ongoing sensitivity of crypto markets to macroeconomic indicators and investor positioning.