Bitcoin Falls Below $80,000 as Crypto Liquidations Reach $291 Million

Bitcoin traded below $80,000 as crypto liquidations reached $291 million during the hour ending at 11:18 a.m. ET (15:18 UTC) Saturday, Oct. 24, with long positions accounting for most of the total.

Traders holding long positions accounted for $274 million in liquidations, compared with $17.33 million tied to short positions. Long positions are bets on higher prices, while shorts are positioned for declines. The gap put long liquidations at nearly 16 times the short amount, showing that the hour’s forced closures fell heavily on bullish trades.

Bitcoin (BTC) liquidations made up $86.79 million of the hourly total, while Ether (ETH) liquidations totaled $69.8 million. Together, the two assets accounted for $156.59 million in liquidations, slightly more than half of the $291 million marketwide total. BTC’s liquidation figure was $16.99 million higher than ETH’s.

Roughly $134 million of the rounded marketwide total came from liquidations in other crypto assets. The figures cover one hour of activity, not a 24-hour liquidation tally.