Bitcoin Falls Below $80,000 as $404 Million in Crypto Longs…
By Abdelaziz Fathi
AI summary of the source article
Bitcoin briefly dropped below $80,000 as more than $400 million in leveraged crypto long positions were liquidated in four hours. The selloff followed approximately $773 million in withdrawals from U.S. spot Bitcoin ETFs across Thursday and Friday.
Why it matters
That reduction matters because liquidation events remove leveraged exposure rather than simply transferring positions between bullish and bearish traders.
Key facts
- Crypto liquidations reached $436.44 million in four hours, with long positions accounting for $404.15 million.
- Bitcoin fell as low as roughly $79,280 before recovering above $80,000, while crypto futures open interest fell 2.2% to $140.1 billion.
- U.S. spot Bitcoin ETFs saw around $773 million in outflows across Thursday and Friday, following over $1 billion in inflows earlier in the week.
Source excerpt · FinanceFeeds
Bitcoin briefly fell below $80,000 on Saturday as a sharp derivatives unwind erased more than $400 million of leveraged long positions in four hours, with Ether traders absorbing unusually heavy losses relative to the cryptocurrency's market size.Crypto liquidations reached $436.44 million in the four hours to 1 p.m. ET on October 24, with longs accounting for $404.15 million, or roughly 93% of th…