Bitcoin Sell-Off Drives $1.09B in 24-Hour Crypto Liquidations

Bitcoin (BTC) fell to $80,350 on Oct. 9 before recovering toward $82,500, while roughly $1.09 billion in crypto positions were liquidated over 24 hours, adding pressure to leveraged traders.

Long positions accounted for about $1.05 billion of the forced closures during the period ending at 6 a.m. ET (10:00 UTC), making traders positioned for higher prices the main casualties of the sell-off.

Short-term Bitcoin holders transferred 55,600 BTC to exchanges at a loss on Oct. 8. The group includes entities that have held Bitcoin for up to six months. Transfers to exchanges can precede selling, but they do not establish that all of the coins were sold.

Bitcoin’s recovery brought it back toward the important technical level of $82,500. The move did not confirm a breakout or reversal, leaving the market focused on whether Bitcoin can hold near that level.