In January, the US Producer Price Index (PPI) rose more than expected, with core PPI soaring 3.6% year-on-year, higher than the previous 3.0% forecast, mainly driven by a significant month-on-month increase of 0.8% in service sector costs. This data, which exceeded expectations, led to a decline in major US stock indices and reignited concerns about stagflation, as it puts pressure on the Federal Reserve's potential rate cut timetable and creates pressure on risk assets like Bitcoin.