On October 8, the cryptocurrency market experienced over $1 billion in forced position liquidations within a 24-hour period. Long positions, which bet on price increases, accounted for 85% to 95% of these liquidations, affecting between 100,000 and 190,000 traders.
Ether liquidations occurred at six times the rate of Bitcoin. Estimates for Ether losses range from approximately $318 million to $356 million, while Bitcoin liquidations totaled between $215 million and $300 million. Ether prices dropped by 4% to 5.7% during the event.
Trading activity was concentrated on Binance, Bybit, OKX, and Hyperliquid, with Binance handling over 50% of Ether trading volume in some reports. The selloff was triggered by Federal Reserve commentary and the breach of key support levels, including Ether falling below $2,500 and Bitcoin dropping below the $81,000 to $84,000 range.
