TheBlock
Bitcoin fell below $82,000 on Monday evening, dropping 2.8% over 24 hours to $81,382 from around $84,200 earlier in the day. Ethereum dipped 4.6% to $2,425, Solana fell 7.5%, XRP slid 6.4%, and Zcash posted the steepest top-10 decline at 10.4% down, trading at $1,149.
The sell-off forced $771 million in crypto liquidations over the past 24 hours, including $685.6 million in long positions, according to CoinGlass. Within the past 12 hours alone, $631.8 million was liquidated, with $600 million of that in longs.
Why it matters
The pullback reflects a combination of macro headwinds, cooling institutional demand, and risk-off positioning ahead of key U.S. inflation data, Zeus Research analyst Dominick John told The Block. Elevated Treasury yields and a stronger dollar are weighing on risk appetite, while roughly $600 million in spot BTC ETF outflows signal weakening institutional inflows.
U.S. spot bitcoin ETFs recorded $681.1 million in net outflows last week, their worst week since late June, per SoSoValue. Spot Ethereum ETFs saw $542 million in net outflows over the same period. The pressure spread beyond crypto: South Korea's Kospi dropped 6.1% Tuesday morning, and Bitmine Chairman Tom Lee suggested the Korean equity decline could be spilling over into crypto.
Market impact
Not all large holders are retreating. Strategy, Michael Saylor's firm, disclosed an additional 250 BTC purchase worth about $21.5 million at an average price of $86,194 between Oct. 5 and Oct. 11, while Bitmine Immersion Technologies increased its Ethereum treasury to 6,028,946 ETH after buying 12,532 tokens over the past week.
Arctic Digital's head of research Justin d'Anethan argued the drop doesn't invalidate a potential bottom or bull run, but suggests recalibration and possibly the formation of a new support zone. Watch whether spot ETF flows stabilize and whether the $80,000 level holds as the next test.
Frequently asked questions
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How much was wiped out in crypto liquidations during Bitcoin's drop below $82,000?
CoinGlass data showed $771 million in liquidations over 24 hours, including $685.6 million in long positions. In the most intense 12-hour stretch, $631.8 million was liquidated, with $600 million in longs.
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Why did Bitcoin fall below $82,000?
The drop reflected macro headwinds including elevated Treasury yields and a stronger dollar, weakening institutional demand with roughly $600 million in spot BTC ETF outflows, and risk-off positioning ahead of key U.S. inflation data.
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How bad were last week's spot Bitcoin ETF outflows?
U.S. spot bitcoin ETFs recorded $681.1 million in net outflows, their worst week since late June, according to SoSoValue. Spot Ethereum ETFs also saw $542 million in net outflows over the same period.
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What is the South Korea Kospi connection to the crypto selloff?
South Korea's Kospi dropped 6.1% on Tuesday morning, and Bitmine Chairman Tom Lee suggested the sharp decline in Korean equities could be spilling over into crypto markets.
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Are large holders still buying Bitcoin despite the drop?
Yes. Strategy disclosed an additional 250 BTC purchase worth about $21.5 million at an average price of $86,194, and Bitmine Immersion Technologies raised its Ethereum treasury to 6,028,946 ETH after acquiring 12,532 tokens.
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