Bitcoin fell below $85,000 on Sept. 23 after stronger-than-expected US business activity sent Treasury yields higher and flushed leveraged longs.

The reversal broke the momentum behind a rebound that had accelerated as Bitcoin pushed through a large concentration of short positions earlier this week.

Selling intensified after S&P Global released its September flash purchasing managers’ indexes. Within an hour, $135.8 million of crypto positions were liquidated, according to CoinGlass , with longs accounting for $125.9 million. Bitcoin accounted for $47.4 million of the wipeout, and Ether another $23.9 million.

Over the past 24 hours, losses total $510 million across 122,256 traders, with long traders losing $363.83 million.

The reaction reflected how quickly the rate backdrop turned against a market positioned for further upside. The latest economic data showed US growth accelerating as businesses reported renewed cost pressures, strengthening the case for interest rates to remain elevated.

S&P Global’s composite PMI climbed to 58.4 in September, its highest level in more than five years, while the services index rose to 58.7 and manufacturing reached 57. All three readings came in above expectations.

Chris Williamson, chief business economist at S&P Global Market Intelligence, said historical comparisons suggest the survey is consistent with annualized economic growth of about 5%, with roughly 4% growth signaled for the third quarter overall.

The acceleration came with a less favorable inflation signal. Companies reported the steepest increase in input costs in four years as higher oil prices lifted fuel and transportation expenses, while supply-chain bottlenecks worsened and backlogs increased.