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Bitcoin briefly slipped below $80,000 on Saturday, triggering $436.44 million in liquidations over four hours, $404.15 million of them from leveraged longs, per CoinGlass. The damage came in two bursts: $208.21 million in longs wiped out in the 15 minutes from 10:15 a.m. ET as BTC fell from about $80,640 to $80,100, then another $131.17 million from 11:15 a.m. BTC bottomed near $79,280 before recovering to $80,138 by 1 p.m.
The four-hour long-liquidation total was the heaviest since Oct. 14, when $505.57 million in longs were flushed. Over 24 hours, $815.26 million in positions were liquidated, up 218% from the previous day, hitting 201,012 traders, while open interest in crypto futures fell 2.2% to $140.10 billion. Ether liquidations of $136.72 million nearly matched bitcoin's $158.45 million despite ETH holding only about 18% of bitcoin's market cap. Binance accounted for $226.07 million of the four-hour total, 96% longs, and Hyperliquid saw $70.47 million liquidated, 99.8% of them longs.
Why it matters
The breadth of the flush points to a market still crowded with leverage on the long side. The single largest order of the day was an $11.85 million ETH-USDT long on Binance closed at $2,307.65, and Hyperliquid's near-100% long share shows the deleveraging was not venue-specific.
Flows added pressure. US spot bitcoin ETFs logged $137.94 million in net outflows on Friday after $635.49 million on Thursday, with BlackRock's IBIT alone shedding $110.34 million. Spot ether ETFs have now seen net outflows on 14 of 17 October trading days, totaling $1.175 billion.
Market impact
Macro fear is compounding the technical flush. BitMEX co-founder Arthur Hayes said he closed the entire directional book at his family office Maelstrom, taking profits on ETH, ENA and UNI. "I think we gotta go down to go up," Hayes wrote, citing a "dicey" macro and geopolitical picture, without specifics. The State Department is cutting embassy staff in Jordan, Lebanon, Qatar and the UAE over Iranian threats to US personnel, per the AP.
Bitcoin was down 1.9% over 24 hours and ether down 3.8% at $2,314.
Frequently asked questions
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How much was liquidated as bitcoin dipped below $80,000?
CoinGlass data shows $436.44 million in liquidations over four hours, of which $404.15 million were long positions. Over the full 24 hours, $815.26 million was liquidated, up 218% from the prior day, hitting 201,012 traders.
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Why did ether liquidations nearly match bitcoin's?
Ether saw $136.72 million liquidated against bitcoin's $158.45 million, despite ETH having only about 18% of bitcoin's market capitalization. This reflects heavier relative leverage in ether perpetual positions, with 92.7% of ether liquidations being longs.
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What did Arthur Hayes say about the market?
The BitMEX co-founder said he closed the entire directional book at his family office Maelstrom, taking profits on ETH, ENA and UNI. He wrote that "we gotta go down to go up" and that the macro and geopolitical picture "looks a bit dicey," adding he would wait on the sidelines.
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What are spot bitcoin ETF flows showing?
US spot bitcoin ETFs recorded $137.94 million in net outflows on Friday after $635.49 million on Thursday, with BlackRock's IBIT accounting for $110.34 million of Friday's total. The funds still held $304.73 million in net inflows for the week.
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What geopolitical risk is weighing on crypto markets?
The State Department is reducing staff at US embassies in Jordan, Lebanon, Qatar and the UAE after an internal memo cited increased Iranian efforts to target US personnel, per the Associated Press. Hayes cited the dicey geopolitical backdrop without giving specifics.
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