Bitcoin failed to hold $80,000 today. Finnhub’s latest snapshot put it at $77,645, down 3.25% on the day, after dipping to an intraday low of $76,500. Ethereum fell even harder, down 4.36% to $2,222.62. More than 170,000 traders were liquidated across the market in the past 24 hours, with liquidations totaling about $367 million. Long positions betting on prices to rise accounted for nearly 60% of the total. Bitcoin futures liquidations came to about $96.45 million, and Ethereum liquidations to about $80.44 million.
The trigger came from next door: Alphabet plunged 12.6% on Thursday, its largest single-day decline ever, and the tech-stock sell-off is not over. Then, on October 28, the U.S. Federal Reserve held steady, keeping its federal funds target range at 3.75% to 4.00%. In a 10–2 vote, two officials even argued for a rate hike. The hawkish signal effectively told markets that another hike before year-end was still on the table. When risk appetite contracts, highly volatile assets like Bitcoin are always among the first to be sold.
What really amplified the losses wasn’t spot selling—it was leverage. Liquidation, simply put, is what happens when traders who borrowed money to take leveraged long positions see prices fall below their margin threshold and are forcibly sold out by the exchange. The more prices fall, the more they sell; the more they sell, the further prices fall. The fact that long positions made up the bulk of the $367 million in liquidations is proof. With 170,000 traders wiped out in a single day, too much leveraged money was clearly piled above $80,000, betting on a rebound. When Bitcoin broke below $80,000, those traders were the first to be liquidated.
But one signal is moving in the opposite direction from the price: U.S. spot Bitcoin exchange-traded funds haven’t seen outflows. On October 26, they even recorded net inflows of $110.3 million. Prices are falling while funds are buying—a clear divergence. The selling pressure is coming from leveraged positions and short-term traders; long-term investors haven’t fled. That’s also the biggest difference between Bitcoin and tech stocks this time: tech stocks are being repriced on fundamentals, while Bitcoin is seeing leverage flushed out.
Looking ahead, $80,000 is the first hurdle. If Bitcoin can’t reclaim it, the next line of defense is around $76,000, near today’s intraday low and the bulls’ last psychological support level. What will really determine the direction isn’t whether U.S. stocks rise or fall at the open tonight, but the November inflation data and the Fed’s next signal. If inflation continues to cool and rate-hike expectations disappear completely, Bitcoin has the most upside potential and could rebound the fastest. If inflation remains sticky and rate-hike expectations return, another round of leveraged liquidations could follow. You can buy the dip, but don’t use high leverage—in a liquidation cascade, leverage isn’t an amplifier; it’s fuel.
#比特币 #Ethereum
The trigger came from next door: Alphabet plunged 12.6% on Thursday, its largest single-day decline ever, and the tech-stock sell-off is not over. Then, on October 28, the U.S. Federal Reserve held steady, keeping its federal funds target range at 3.75% to 4.00%. In a 10–2 vote, two officials even argued for a rate hike. The hawkish signal effectively told markets that another hike before year-end was still on the table. When risk appetite contracts, highly volatile assets like Bitcoin are always among the first to be sold.
What really amplified the losses wasn’t spot selling—it was leverage. Liquidation, simply put, is what happens when traders who borrowed money to take leveraged long positions see prices fall below their margin threshold and are forcibly sold out by the exchange. The more prices fall, the more they sell; the more they sell, the further prices fall. The fact that long positions made up the bulk of the $367 million in liquidations is proof. With 170,000 traders wiped out in a single day, too much leveraged money was clearly piled above $80,000, betting on a rebound. When Bitcoin broke below $80,000, those traders were the first to be liquidated.
But one signal is moving in the opposite direction from the price: U.S. spot Bitcoin exchange-traded funds haven’t seen outflows. On October 26, they even recorded net inflows of $110.3 million. Prices are falling while funds are buying—a clear divergence. The selling pressure is coming from leveraged positions and short-term traders; long-term investors haven’t fled. That’s also the biggest difference between Bitcoin and tech stocks this time: tech stocks are being repriced on fundamentals, while Bitcoin is seeing leverage flushed out.
Looking ahead, $80,000 is the first hurdle. If Bitcoin can’t reclaim it, the next line of defense is around $76,000, near today’s intraday low and the bulls’ last psychological support level. What will really determine the direction isn’t whether U.S. stocks rise or fall at the open tonight, but the November inflation data and the Fed’s next signal. If inflation continues to cool and rate-hike expectations disappear completely, Bitcoin has the most upside potential and could rebound the fastest. If inflation remains sticky and rate-hike expectations return, another round of leveraged liquidations could follow. You can buy the dip, but don’t use high leverage—in a liquidation cascade, leverage isn’t an amplifier; it’s fuel.
#比特币 #Ethereum