More than $1 billion in crypto positions were liquidated over 24 hours after Bitcoin dropped to $80,393 on Thursday, according to CoinGlass data. Roughly $930 million of the forced closures came from bullish bets, making it the largest long-side wipeout in 90 days.

The sell-off arrived just two days before the anniversary of October 10, 2025, when a far larger market break erased about $19 billion in trades. While the timing revived fears of another October shock, the current liquidation wave remains far smaller than last year’s crash.

A sharp move in leveraged markets

Liquidations occur when exchanges automatically close leveraged positions after losses consume a trader’s posted collateral. In fast declines, those forced sales can add pressure and trigger more liquidations across the market.

On Thursday, more than $600 million was liquidated in a single hour, the biggest hourly total in a month. Even so, the 24-hour figure is about one-nineteenth of the amount seen during the October 2025 crash, when Bitcoin had peaked near $126,200 and has not returned to that level since.

Macro pressure and ETF outflows

The latest sell-off was described as being driven largely by forces outside the crypto market. Minutes from the Federal Reserve’s October 7 meeting showed that most officials still viewed another rate hike by year-end as likely appropriate.

At the same time, the 10-year US Treasury yield stood near 5.3% and Brent crude traded around $105. US spot Bitcoin ETFs also recorded $487 million in outflows, their largest daily withdrawal since late June, adding to pressure on sentiment.

Ethereum drops further and key Bitcoin levels come into focus

Ethereum underperformed Bitcoin during the move, falling 4.1% to $2,460. Analysts were divided on whether Bitcoin can hold the $80,000 area after the latest flush in leveraged positions.

Glassnode data identified the next notable cluster of leveraged bets near $75,000. Some analysts said a loss of the $81,500 to $82,000 zone could open the way to that level, while others argued the current weakness may represent a buying opportunity within a broader organic correction.

What the market is watching next

Glassnode said the most recent rally had been carried mainly by existing holders rather than by fresh capital. It also noted that new inflows from ETFs, stablecoins, and corporate treasuries have been shrinking, a sign of softer external demand behind price gains.

The market now heads toward another macro test on October 14, when US September inflation data is scheduled for release. Until then, the short-term range highlighted in the market discussion remains a possible downside target near $75,000 and a level around $82,500 that bulls would need to reclaim.

Source: beincrypto.com