In the sell-off that sent Bitcoin below $80,000, 24-hour liquidations in the crypto market reached approximately $815 million, as leveraged positions held by 201,000 investors were forcibly closed.
According to a report by The Block citing CoinGlass data, $436 million in positions were liquidated in the four-hour period ending at 8:00 p.m. Türkiye time. About $404 million of that total came from long positions held by investors expecting prices to rise.
Data following Bitcoin’s drop below $80,000 showed the pressure the decline put on leveraged trades. A liquidation occurs when an exchange forcibly closes a position because an investor’s collateral can no longer cover the losses.
Two brief waves closed hundreds of millions of dollars in longs
A significant share of liquidations was concentrated in two separate 15-minute intervals. In the first, which began at 5:15 p.m. Türkiye time, about $208 million in longs were liquidated as Bitcoin fell from around $80,640 to $80,100. In the second wave, which began at 6:15 p.m. Türkiye time, about $131 million in longs were closed.
Long liquidations between 3:00 p.m. and 7:00 p.m. Türkiye time totaled about $402 million. This was the highest four-hour total for long liquidations since the approximately $506 million recorded on the night of October 14.
After falling to around $79,280 at about 6:20 p.m. Türkiye time, Bitcoin recovered to $80,138 by 8:00 p.m. During the recovery, short positions accounted for $8 million of the approximately $11 million in liquidations during the final one-hour period, which ended at 8:09 p.m.
Ethereum liquidations neared Bitcoin’s
Over the four-hour period, liquidations totaled about $158 million for Bitcoin positions and $137 million for Ethereum positions. The figures were close despite Ethereum’s market capitalization being about 18% of Bitcoin’s.
About 94% of Bitcoin liquidations and 93% of Ethereum liquidations came from long positions. The largest single liquidation in the past 24 hours was an approximately $12 million ETH-USDT long closed on Binance at $2,307.65.
In the data snapshot cited in the report, Bitcoin was down 1.9% over 24 hours and Ethereum was down 3.8%; Ethereum was trading at $2,314. Daily liquidations rose 218% from the previous day, while the total value of open positions in crypto futures fell 2.2% to about $140 billion.
Not investment advice.