UPDATE: Bitcoin wipeout hits $930M in longs as open interest drops to $142B
CIE News ·
Following earlier reports of Bitcoin's rebound above $82,500, new market data showed long positions accounted for $930 million of liquidations while open interest dropped to $142 billion.
Updated market metrics show that $930 million of the recent crypto futures liquidations were long positions, as open interest plunged from $154 billion to roughly $142 billion. As previously reported, Bitcoin (BTC) stabilized above $82,500 after tumbling to a multi-day low near $80,427.
CryptoQuant data showed the Estimated Leverage Ratio fell from 0.256 on October 8 to 0.250 by late October 10. CoinGlass and CryptoQuant tracked over $1 billion in total liquidations within the 24-hour cycle, during which BTC consolidated between $82,700 and $83,004.
Positioning has now shifted to the upside, with Bitcoin.com News reporting that approximately $3.3 billion in short bets face liquidation if the price moves up toward $85,000.