Crypto exchanges liquidated $403.58 million in leveraged long positions within a single hour as the price of Bitcoin dropped to approximately $83,800. This event accounted for 0.27% of the total open interest in futures contracts. Long positions represented 97% of the total $415.33 million in liquidations recorded during that period.
Data from CoinGlass indicates that 98% of the $412.99 million in four-hour long liquidations occurred within the final hour. Over a 24-hour window, long liquidations totaled $487.02 million out of a total of $554.76 million. Ethereum longs were particularly affected, accounting for $155.12 million in liquidations, compared to $115.73 million for Bitcoin.
Total open interest currently stands at $150.24 billion, marking a decrease of 2.45%. While the recent liquidation event was significant, it represents only a small portion of the total outstanding leverage in the market. For context, the 10th-largest liquidation event on record reached $2.77 billion.
Market analysts remain divided on whether this selloff signals a market reset or a warning of further volatility. Data from Santiment shows that wallets holding between 100 and 1,000 BTC increased their holdings by 113,950 BTC between mid-July and late September. Future price stability may depend on spot buying activity.
