Bitcoin Falls Below $82,000 as Altcoin Losses Deepen: What’s Behind the Drop?
As Bitcoin fell below $82,000 in a wave of selling that accelerated losses across altcoins, $771 million in leveraged positions were liquidated in the crypto market over the past 24 hours.
According to price data reported by The Block, Bitcoin (BTC) fell 2.8 percent to $81,382 over the past 24 hours as of 4:20 a.m. Türkiye time on October 13. Larger altcoins posted steeper losses as Bitcoin dropped from around $84,200, where it had traded earlier in the day.
How were Ethereum and altcoins affected?
Ethereum (ETH) fell 4.6 percent to $2,425, while Zcash (ZEC) posted the steepest loss among the top 10 cryptocurrencies. ZEC dropped 10.4 percent to $1,149. Solana (SOL) fell 7.5 percent, while XRP lost 6.4 percent.
According to CoinGlass data, of the $771 million in positions liquidated over the past 24 hours, approximately $686 million came from long positions, meaning investors betting on prices to rise. As a result, about 89 percent of total liquidations were in long positions.
During the final 12 hours, when selling pressure intensified, $600 million of the $632 million in total liquidations came from long positions. Leveraged positions are automatically closed when losses mount or collateral is insufficient.
The dollar, bond yields, and ETF outflows are among the factors behind the drop
Dominick John, an analyst at Zeus Research, attributed the pullback to macroeconomic pressures, cooling institutional demand, and reduced risk ahead of U.S. inflation data. According to John, high U.S. Treasury yields and a strong dollar are weighing on investors’ appetite for risk.
According to SoSoValue data, spot Bitcoin ETFs in the U.S. recorded net outflows of approximately $681 million last week. This was their worst weekly result since late June. Spot Ethereum ETFs also saw $542 million in net outflows.
The decline in South Korea’s stock market was also in focus. The Kospi index was down 6.1 percent as of 10:45 a.m. local time on Tuesday, while Tom Lee, chairman of the board at BitMine, said the sharp sell-off in Korean stocks may also be affecting the crypto market.
Have expectations for a rally changed completely?
Justin d’Anethan, head of research at Arctic Digital, said the latest drop does not, on its own, rule out the possibility that a bottom had already formed or that a potential rally lies ahead. According to the analyst, the market may be rebalancing and forming a new support zone.