Crypto market pullback triggers $417 million in long liquidations
CIE News ·
Confirmed by 2 independent news outlets.
A market-wide decline on October 22 pushed Bitcoin down to $80,836, driving over $458 million in total liquidations as long positions accounted for nearly $418 million of the losses.
A sudden cryptocurrency market reversal pushed Bitcoin (BTC) from an intraday high above $84,400 to a low of $80,836 on October 22. By 17:15 UTC, BTC traded at $81,018.49, marking a 4.26% 24-hour drop, while Ethereum (ETH) fell 5.53% to $2,374.45 and the total crypto market capitalization declined 2.26% to $2.71 trillion.
According to CoinGlass data reported by Bitcoin.com News, the pullback triggered $458.05 million in total liquidations across more than 103,000 traders over 24 hours. Long positions suffered the vast majority of the damage, representing $417.93 million of the total, with BTC long liquidations reaching $135 million. Binance accounted for 43.5% of all liquidations, including a single $11.78 million BTC long liquidated at $83,526. Other assets also saw heavy liquidations, including Zcash (ZEC) at $12.44 million, Solana (SOL) at $11.29 million, and XRP at $7.47 million.
The downturn occurred despite spot Bitcoin exchange-traded funds recording more than $1 billion in net inflows over the preceding three days. Bitfinex analysts stated that ETF inflows are acting as a filter between genuine spot demand and debt-fueled market rallies, adding that consecutive high-inflow sessions remain necessary to clear resistance levels near $84,000.
Key facts
- $458.05M total liquidations
- $417.93M long liquidations
- BTC fell to $80,836
- Binance handled 43.5% of liquidations
Read the original at BeInCrypto