As Bitcoin fell below $77,000, $1.55 billion in positions were liquidated across the crypto market over the past 24 hours, with traders betting on prices rising accounting for most of the losses.
According to price data reported by The Block, Bitcoin fell to $76,664 as of 05:00 Turkey time on October 30. BTC was down 4.5% over the past 24 hours, accompanied by losses among major altcoins. The sell-off, which accelerated on the day of the Binance attack, led to heavy liquidations in leveraged positions.
Losses deepened for Ethereum, BNB, and XRP
In the same data snapshot, Ethereum fell 5.2% to $2,190, BNB dropped 7.1% to $698.65, and XRP fell 7% to $1.21. The sell-off was therefore not limited to Bitcoin.
We previously reported the initial market reaction, when Bitcoin fell below $79,000. As the decline deepened in the latest price snapshot, the scale of liquidations also came into focus.
$1.34 billion in long positions closed
According to CoinGlass data, positions held by 246,482 investors were liquidated over the past 24 hours. Of the total $1.55 billion in liquidations, $1.34 billion came from long positions, which aim to profit from rising prices. That amounts to approximately 86% of the total.
The largest single liquidation order was recorded at $11.09 million in Binance’s BTC/USDT trading pair. As prices fell, leveraged positions with insufficient collateral were forcibly closed.
What do analysts say about whether the decline will continue?
Zeus Research analyst Dominick John said the Binance attack intensified the broader market sell-off, while liquidations—primarily in long positions—added to the pressure on Bitcoin and Ethereum. John believes the exchange’s ability to restore confidence in its security and customer assets is important to a recovery.
Laevitas Head of Markets Rick Maeda, meanwhile, considers the market reaction limited relative to the scale of the attack. Maeda pointed to Binance’s $144 billion in assets under custody and the swift freezing actions taken by stablecoin issuers. ViaBTC Chief Analyst Jeff Ko also noted that the market was already trending downward before the attack and said he did not expect the stolen Bitcoin to significantly increase selling pressure.
Chainalysis estimated the value of the assets stolen during the attack at approximately $5.9 billion. Binance said approximately $3 billion had been confirmed and frozen, while co-CEO Yi He reiterated that user losses resulting from the attack would be covered. Coinbase CEO Brian Armstrong also said the company had provided support, including by blocking transfers to wallets controlled by the attackers.
Not investment advice.