Total crypto liquidations reached $488.61 million over 24 hours, affecting 118,142 traders as Bitcoin slid Monday evening.
Bitcoin cracked below $82,000 Monday evening, setting off another painful reckoning for leveraged crypto traders. Nearly $489 million in positions vanished over 24 hours, with bullish bets accounting for more than 83% of the damage as the broader market stumbled. Bitcoin's Slide Wipes Out 118,000 Crypto Traders On Monday, Oct.
Total Bitcoin liquidations reached $29.71 million as the price fell 0.91% to $81,850 during the same hour.
Bitcoin was at $82,115 15 minutes earlier and was down 0.91% from one hour earlier.
Exchange reserves stayed low while apparent demand recovered from deeply negative levels, but the signals have not confirmed a durable reversal.
The rapid liquidation highlights the volatility and risks of leveraged trading, potentially deterring cautious investors and impacting market stability. Bitcoin falls below $82,000 as $120 million in crypto longs get liquidated.
The single liquidation occurred at $81,773 at 8:06 a.m. ET on Oct. 13 in Binance's BTC perpetual futures market.
Bitcoin open interest fell 0.67% to $7.67 billion, while Ether open interest dropped 4.28% to $5.58 billion in the Oct. 12 snapshot.
The one-hour tally covered Binance, Bybit and OKX data through 7:04 p.m. ET Monday, as Bitcoin fell 0.62% to $82,157.
The Strategy executive chairman posted a brief comment on bearish sentiment surrounding Bitcoin.
The company aims to double its Bitcoin holdings per share on a rolling basis within seven years.
Increased bearish options activity suggests heightened caution among traders, potentially impacting Bitcoin's short-term market dynamics. Bearish options made up 53.5% of Bitcoin's options volume this week.