$599 MILLION in CRYPTO Long's WIPED OUT AS Bitcoin and Ethereum HIT AUGUST Low's;
The crypto market is facing another wave of heavy selling, and leveraged traders are taking a serious hit.
According to CoinGlass data, approximately $680.81 million in crypto positions were liquidated over the past 24 hours, with long positions accounting for nearly 88% ($599 million) of the total.
Here's how the damage unfolded:
• BTC liquidations reached $325.28 million, with 95.3% coming from long positions.
• Ethereum recorded $106.07 million in liquidations, of which 89.7% were longs.
• A total of 112,947 traders were liquidated.
• The largest single liquidation was a $31.09 million BTC long position on Hyperliquid, closed at $72,250.
🔻 BTC and ETH Fall to Multi-Month Lows
Bitcoin dropped to approximately $70,834, its lowest level since August 20, falling 3.79% in 24 hours and 6.53% over the past week.
Ethereum declined to $2,007.04, down 2.10% daily and 10.11% over the week.
The total crypto market capitalization also dropped 5.09% to $2.42 trillion.
BTC has now lost its 200-day moving average at $73,137. If it fails to reclaim this level, the next major support zones are $68,000 and $67,000.
US Inflation Data Could Add More Pressure,
Markets are also watching Friday's October Producer Price Index (PPI) report.
After October's CPI increased 0.4%, above the 0.23% forecast, traders are now pricing in a December Fed rate hike.
CME FedWatch currently shows:
• 85.5% probability of a 0.25% rate hike.
• 14.5% probability of a larger 0.50% hike, up from 0% a week ago.
A hotter-than-expected PPI reading could strengthen expectations for a bigger rate increase, potentially adding further pressure on risk assets.
.
The liquidation figures show how aggressively leveraged bullish positions are being flushed out. With BTC below its 200-day moving average and ETH approaching the $2,000 level, the market remains under pressure.
The next move could depend heavily on inflation data and whether Bitcoin manages to reclaim $73,137.
$BTC
The crypto market is facing another wave of heavy selling, and leveraged traders are taking a serious hit.
According to CoinGlass data, approximately $680.81 million in crypto positions were liquidated over the past 24 hours, with long positions accounting for nearly 88% ($599 million) of the total.
Here's how the damage unfolded:
• BTC liquidations reached $325.28 million, with 95.3% coming from long positions.
• Ethereum recorded $106.07 million in liquidations, of which 89.7% were longs.
• A total of 112,947 traders were liquidated.
• The largest single liquidation was a $31.09 million BTC long position on Hyperliquid, closed at $72,250.
🔻 BTC and ETH Fall to Multi-Month Lows
Bitcoin dropped to approximately $70,834, its lowest level since August 20, falling 3.79% in 24 hours and 6.53% over the past week.
Ethereum declined to $2,007.04, down 2.10% daily and 10.11% over the week.
The total crypto market capitalization also dropped 5.09% to $2.42 trillion.
BTC has now lost its 200-day moving average at $73,137. If it fails to reclaim this level, the next major support zones are $68,000 and $67,000.
US Inflation Data Could Add More Pressure,
Markets are also watching Friday's October Producer Price Index (PPI) report.
After October's CPI increased 0.4%, above the 0.23% forecast, traders are now pricing in a December Fed rate hike.
CME FedWatch currently shows:
• 85.5% probability of a 0.25% rate hike.
• 14.5% probability of a larger 0.50% hike, up from 0% a week ago.
A hotter-than-expected PPI reading could strengthen expectations for a bigger rate increase, potentially adding further pressure on risk assets.
.
The liquidation figures show how aggressively leveraged bullish positions are being flushed out. With BTC below its 200-day moving average and ETH approaching the $2,000 level, the market remains under pressure.
The next move could depend heavily on inflation data and whether Bitcoin manages to reclaim $73,137.
$BTC
