More than 84,000 long positions just got wiped out, and another $2.1 billion in shorts is lined up above $87,500
In the move from last night into this morning, BTC slid from $85,500 to around $83,800 (currently trading at about $83,300, down roughly 3.9% in 24 hours), while ETH fell below $2,600, hitting a low near $2,550.
Here’s what Coinglass’s liquidation heatmap looks like now—
To the upside: if BTC breaks above $87,501, the cumulative short liquidation intensity across major exchanges will reach $2.129 billion;
To the downside: if it falls below $79,493, the cumulative long liquidation intensity will be $1.139 billion.
Over the past 24 hours alone, $658 million in positions have already been liquidated market-wide: $595 million in longs, with more than 114,000 traders wiped out. A single ETHUSDC long on Binance was liquidated for $26.64 million. In other words, the longs at this lower level have already been flushed once yesterday.
My take: the current market looks like “a powder keg of shorts overhead, while the longs below have just been flushed once.” I see three possible scenarios:
1. BTC gets back above $87,500 and holds there—the shorts’ stop-losses and momentum buying could trigger a short squeeze;
2. BTC breaks below the $79,500 long-heavy zone—the $1.139 billion liquidation intensity could drag prices even lower;
3. BTC keeps grinding sideways in the $83,000–$87,000 range—both longs and shorts slowly bleed as time passes.
For those trading futures, in a market with large liquidation levels on both sides, what matters isn’t direction but position size and margin cushion. Going heavily in either direction is like putting yourself in the liquidation queue. Spot holders can sit tight; often, doing nothing is the best move.
Data as of: 2026-10-07 18:30 UTC
Sources: ChainCatcher (Coinglass data); Lianhe Zaobao (Reuters)
For informational purposes only; not investment advice.
$BTC $ETH
Which do you think will get liquidated first this time: the $2.1 billion in shorts above, or the $1.1 billion in longs below?
In the move from last night into this morning, BTC slid from $85,500 to around $83,800 (currently trading at about $83,300, down roughly 3.9% in 24 hours), while ETH fell below $2,600, hitting a low near $2,550.
Here’s what Coinglass’s liquidation heatmap looks like now—
To the upside: if BTC breaks above $87,501, the cumulative short liquidation intensity across major exchanges will reach $2.129 billion;
To the downside: if it falls below $79,493, the cumulative long liquidation intensity will be $1.139 billion.
Over the past 24 hours alone, $658 million in positions have already been liquidated market-wide: $595 million in longs, with more than 114,000 traders wiped out. A single ETHUSDC long on Binance was liquidated for $26.64 million. In other words, the longs at this lower level have already been flushed once yesterday.
My take: the current market looks like “a powder keg of shorts overhead, while the longs below have just been flushed once.” I see three possible scenarios:
1. BTC gets back above $87,500 and holds there—the shorts’ stop-losses and momentum buying could trigger a short squeeze;
2. BTC breaks below the $79,500 long-heavy zone—the $1.139 billion liquidation intensity could drag prices even lower;
3. BTC keeps grinding sideways in the $83,000–$87,000 range—both longs and shorts slowly bleed as time passes.
For those trading futures, in a market with large liquidation levels on both sides, what matters isn’t direction but position size and margin cushion. Going heavily in either direction is like putting yourself in the liquidation queue. Spot holders can sit tight; often, doing nothing is the best move.
Data as of: 2026-10-07 18:30 UTC
Sources: ChainCatcher (Coinglass data); Lianhe Zaobao (Reuters)
For informational purposes only; not investment advice.
$BTC $ETH
Which do you think will get liquidated first this time: the $2.1 billion in shorts above, or the $1.1 billion in longs below?