$404 Million in Long Positions Wiped Out in 4 Hours—Bitcoin Fell Just $1,360
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On Saturday, October 24, Bitcoin fell below $80,000 intraday, touching a low of $79,280 before recovering to $80,138 by 1 p.m. ET. It was down 1.9% over 24 hours. Ethereum fell 3.8% to $2,314—twice Bitcoin’s decline. What really got wiped out wasn’t the price, but leverage 🦖
CoinGlass data shows that in the four hours leading up to 1 p.m. ET, $436.44 million in positions were liquidated across the market. Long positions accounted for $404.15 million, or 92.6%. This sell-off almost exclusively hit bulls, while bears were largely unscathed 💥
Liquidations came in two waves. The first began at 10:15 a.m., when $208.21 million in longs were wiped out in 15 minutes, sending Bitcoin from $80,640 to $80,100. The second started at 11:15 a.m., liquidating another $131.17 million in just 15 minutes. In the four hours from 8 a.m. to noon, $401.91 million in longs were liquidated—the worst wipeout since the $505.57 million liquidated on the night of October 14.
Ethereum is even more noteworthy. It saw $136.72 million in liquidations over four hours, compared with Bitcoin’s $158.45 million—a difference of just $22 million. Yet Ethereum’s market cap is only 18% of Bitcoin’s. Longs made up 92.7% of Ethereum liquidations, showing that leverage wasn’t evenly distributed—it was concentrated in ETH. The largest single liquidation was an $11.85 million ETH long, forcibly closed at $2,307.65 ⚠️
Liquidations were also concentrated by platform. One exchange accounted for $226.07 million over four hours, 96% of it in longs. The on-chain perpetuals platform Hyperliquid saw $70.47 million liquidated, with longs making up 99.8%. The more on-chain the trading, the more overwhelmingly bullish it was.
Over the past 24 hours, $815.26 million in positions were liquidated across the market, up 218% from the previous day, wiping out 201,012 traders. But total market open interest fell by just 2.2%, to $140.1 billion. That figure matters: if open interest had been cut in half, that would mean deleveraging and a full flush-out. A drop of only 2.2% suggests positions changed hands through forced liquidations rather than voluntary exits. The money is still in the market.
ETFs are also seeing outflows. Spot Bitcoin ETFs saw net outflows of $635.49 million on Thursday and another $137.94 million on Friday. BlackRock’s IBIT alone accounted for $110.34 million, or 80% of Friday’s outflows. But inflows from Monday through Wednesday totaled $1.078 billion, leaving the week with net inflows of $304.73 million. Total assets stood at $104.43 billion, essentially flat. Ethereum ETFs saw net outflows on 14 of the 17 trading days in October, totaling $1.175 billion.
My take: this isn’t a trend reversal, but a targeted flush of long positions. The price fell just 1.7%, yet $400 million was wiped out. That suggests many traders had their stop-losses and liquidation prices clustered at the same levels. The key thing to watch next is open interest. If the price can’t get back above $81,000 and open interest starts building again, these new longs could become fuel for the next wave of liquidations.
Do you think this is just a shakeout, or the start of a downturn? Let’s talk in the comments 👀
Tap the profile picture to watch the livestream
Every day, I’ll keep you up to date on crypto trends—not just what’s happening, but the logic and opportunities behind it 👀🚀
💥 ⏰ 消息群里第一时间说
On Saturday, October 24, Bitcoin fell below $80,000 intraday, touching a low of $79,280 before recovering to $80,138 by 1 p.m. ET. It was down 1.9% over 24 hours. Ethereum fell 3.8% to $2,314—twice Bitcoin’s decline. What really got wiped out wasn’t the price, but leverage 🦖
CoinGlass data shows that in the four hours leading up to 1 p.m. ET, $436.44 million in positions were liquidated across the market. Long positions accounted for $404.15 million, or 92.6%. This sell-off almost exclusively hit bulls, while bears were largely unscathed 💥
Liquidations came in two waves. The first began at 10:15 a.m., when $208.21 million in longs were wiped out in 15 minutes, sending Bitcoin from $80,640 to $80,100. The second started at 11:15 a.m., liquidating another $131.17 million in just 15 minutes. In the four hours from 8 a.m. to noon, $401.91 million in longs were liquidated—the worst wipeout since the $505.57 million liquidated on the night of October 14.
Ethereum is even more noteworthy. It saw $136.72 million in liquidations over four hours, compared with Bitcoin’s $158.45 million—a difference of just $22 million. Yet Ethereum’s market cap is only 18% of Bitcoin’s. Longs made up 92.7% of Ethereum liquidations, showing that leverage wasn’t evenly distributed—it was concentrated in ETH. The largest single liquidation was an $11.85 million ETH long, forcibly closed at $2,307.65 ⚠️
Liquidations were also concentrated by platform. One exchange accounted for $226.07 million over four hours, 96% of it in longs. The on-chain perpetuals platform Hyperliquid saw $70.47 million liquidated, with longs making up 99.8%. The more on-chain the trading, the more overwhelmingly bullish it was.
Over the past 24 hours, $815.26 million in positions were liquidated across the market, up 218% from the previous day, wiping out 201,012 traders. But total market open interest fell by just 2.2%, to $140.1 billion. That figure matters: if open interest had been cut in half, that would mean deleveraging and a full flush-out. A drop of only 2.2% suggests positions changed hands through forced liquidations rather than voluntary exits. The money is still in the market.
ETFs are also seeing outflows. Spot Bitcoin ETFs saw net outflows of $635.49 million on Thursday and another $137.94 million on Friday. BlackRock’s IBIT alone accounted for $110.34 million, or 80% of Friday’s outflows. But inflows from Monday through Wednesday totaled $1.078 billion, leaving the week with net inflows of $304.73 million. Total assets stood at $104.43 billion, essentially flat. Ethereum ETFs saw net outflows on 14 of the 17 trading days in October, totaling $1.175 billion.
My take: this isn’t a trend reversal, but a targeted flush of long positions. The price fell just 1.7%, yet $400 million was wiped out. That suggests many traders had their stop-losses and liquidation prices clustered at the same levels. The key thing to watch next is open interest. If the price can’t get back above $81,000 and open interest starts building again, these new longs could become fuel for the next wave of liquidations.
Do you think this is just a shakeout, or the start of a downturn? Let’s talk in the comments 👀
Tap the profile picture to watch the livestream
Every day, I’ll keep you up to date on crypto trends—not just what’s happening, but the logic and opportunities behind it 👀🚀