Bitcoin futures faced heavy selling after the European Central Bank raised interest rates by 25 basis points, its second increase of the year, as it sought to counter rising inflation pressure. U.S. producer price data also exceeded expectations, with core PPI up 4.6% year over year versus a 4.5% forecast and overall PPI rising 5.4% versus an expected 5.1%. CryptoQuant analyst Darkfost said the developments were unfavorable for markets and that the response was particularly visible on Binance, where aggressive sell orders in Bitcoin futures exceeded $1.4 billion within one hour.