Crypto market sees $717 million liquidated as Bitcoin breaks below $83,000
CIE News ·
Bitcoin dipped below $83,000 on October 8, triggering $717.58 million in liquidations across 1.25 million crypto traders as long positions took the brunt of the wipeout.
Crypto futures liquidations climbed to $717.58 million across 1.25 million traders on October 8 as Bitcoin (BTC) dropped below the $83,000 mark. According to cryptotimes.io, BTC declined to an intraday low between $82,317.68 and $82,652.75 by 04:55 UTC. Bullish bets accounted for the vast majority of the damage, with long liquidations totaling between $637 million and $651 million across the market.
Ethereum (ETH) also dropped to $2,559.71, sliding up to 5.5% over 24 hours. The downturn sparked $232.67 million in liquidations on ETH futures, where bullish bets made up 95.06% of forced closures, while BTC futures recorded $185.83 million in wiped positions. The largest single liquidation was an ETH/USDC trade on Binance valued at $26.64 million.
The decline coincided with heavy capital exits from US-listed spot products. Cryptotimes.io reported that spot Bitcoin ETFs recorded net outflows of $487.07 million on October 7, marking their largest single-day withdrawal in weeks and compounding downward pressure on leveraged derivatives markets.