Early on Oct. 11, Bitcoin dipped below $59,000 for the first time since Sept. 18, triggering long liquidations across the crypto market. At the start of the week, Monday, Oct. 7, Bitcoin reached a local high of $64,400 before falling to $61,200 by Thursday, Oct. 10.
It dropped to $58,800 overnight before recovering to $60,700 as of press time. The digital asset is currently down 5.8% since the week’s high.
According to Coinglass data, 58,176 traders were liquidated in the past 24 hours, amounting to $196.65 million in total liquidations. The most significant single liquidation order, valued at $10.51 million, occurred on Binance’s BTCUSDT pair.
Liquidations were highest in Bitcoin at $67.99 million, followed by Ethereum at $39.05 million, Solana at $8.39 million, and Sui at $5.85 million. Other cryptocurrencies accounted for $19.54 million in liquidations.
Long positions dominated the liquidations, with $144.47 million in longs compared to $52.17 million in shorts over the past 24 hours. On Binance, long liquidations totaled $27.62 million, making up 91.36% of total liquidations on the exchange. Similar patterns were observed on OKX and Bybit, where long positions accounted for over 90% of liquidations.
The price drop and liquidations highlight the current volatility in the crypto market. Traders using leverage faced losses as prices moved against their positions.
Liam ‘Akiba’ Wright
Also known as “Akiba,” Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.
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