Bitcoin liquidations hit $1.09bn and 96% of them were longs

CoinGlass counted $1.09bn of crypto liquidations in the 24 hours to 10:00 UTC on Friday, and $1.05bn of that was long positions. Bitcoin printed a low of $80,350 and sat near $82,500 afterwards. Short-term holders, the cohort holding for six months or less, sent 55,600 BTC to exchanges.

“Historically, aggressive loss-driven selling by short-term participants can coincide with short-term capitulation, potentially exhausting weaker holders and creating conditions for a subsequent price recovery”

— Амр Таха, Аналитик CryptoQuant

The coin flow is nine times the fund flow

55,600 BTC at Friday's prices is about $4.5bn arriving at exchange deposit addresses. Yesterday we wrote about $487.1m leaving bitcoin ETFs in a single session and called it the largest outflow since June. The on-chain number is 9.2 times larger.

Both measure selling pressure on different populations. The ETF figure counts regulated fund redemptions. The 55,600 counts wallets that bought within the last six months and moved coins to a venue where they can sell.

For scale against supply: miners produce 450 BTC a day, so 55,600 coins is 124 days of new issuance turning up at exchanges inside the same window.

The ratio inside the liquidations

Bitcoin liquidations split one way: $1.05bn of $1.09bn is 96% longs. A cascade this one-sided means positioning was crowded on one side before the price moved.

The previous comparable event was $1.3bn on 21 August, which makes Friday 84% of that. The 26 June event happened with bitcoin below $60,000. Friday's happened at $81,000, 37% higher, which is the part that separates a drawdown inside an uptrend from a break.

The government wallets moved again

More than 12,000 BTC left US government addresses in the same stretch. On 7 October we counted 833.599 BTC going from those wallets to Coinbase Prime deposit addresses, and noted that the March 2025 executive order says forfeited bitcoin is meant to be held. The newer figure is 14 times larger. No sale has been confirmed, and the chain will show whether the coins come back.

The level Rekt Capital named

Rekt Capital named a level: «Bitcoin is currently failing its retest of ~$82500. Weekly Close below $82500 and turn it into resistance however and Bitcoin will be back in its Macro Accumulation Range».

Bitcoin trades at $82,531 as this publishes, which is the level itself, and the weekly close settles it on Sunday.

Informational material, not investment advice. Liquidation and on-chain figures come from the analytics providers named beside them and cover one 24-hour window.