Bitcoin falls below $80,000 as $837 million in crypto liquidations hit longs
Author: Crypffalo Research · 23:53 24/10/2026
Bitcoin dropped to around $79,500 on Oct 24, triggering roughly $837 million in 24-hour liquidations, more than 80% of them longs, ahead of the Oct 27–28 FOMC meeting.
Bitcoin slipped below $80,000 on Saturday, Oct 24. CoinGlass data cited by BeInCrypto showed BTC trading near $79,464 at around 15:47 UTC, down roughly 2.5% over 24 hours.
The drop triggered about $834 million to $837 million in liquidations across crypto derivatives over 24 hours. More than $200 million was wiped out in a single hour, almost all of it long positions.
Key takeaways
- BTC price: Around $79,500, down about 2.5% on the day after being rejected near $85,000 earlier in the week.
- Liquidations: Roughly $837 million in 24 hours, with longs making up about 83%.
- Altcoins: ETH fell to around $2,290, SOL slipped under $100 and ZEC dropped about 8%.
- Backdrop: Bitcoin ETF outflows, oil near multi-month highs and thin weekend liquidity.
- Up next: The Federal Reserve's FOMC meeting on Oct 27–28.
Price action and liquidations
Bitcoin pushed toward $85,000 on Wednesday but failed to hold the move. According to CryptoPotato, it then drifted back into an $81,000 to $82,000 range on Friday.
Selling picked up again on Saturday and pushed BTC through the $80,000 level. As price broke lower, leveraged longs were forced out, accelerating the decline.
CoinGlass figures as of about 15:47 UTC (via BeInCrypto):
- Total 24h liquidations: $837.1 million across more than 227,000 traders.
- Longs: $693 million; shorts: $144.1 million.
- By asset: BTC $232.6 million, ETH $181.5 million.
- Largest single order: An ETHUSDT long worth about $11.85 million on Binance.
Altcoinbuzz, also citing CoinGlass, reported a similar total of more than $834 million, with about 84% from longs. The small gap reflects different snapshot times.
Why the market fell
No single catalyst has been confirmed. The factors flagged across several outlets include:
- Weak ETF flows: US spot Bitcoin ETFs saw about $636 million in net outflows on Oct 22, according to The Block and Decrypt.
- Elevated oil: Brent crude climbed to its highest level since March, keeping inflation worries alive.
- Crowded longs: Positioning leaned bullish, so a break of support set off cascading liquidations.
- Weekend liquidity: Thinner order books let large sell orders move price more easily.
Glassnode estimates cited by BeInCrypto put the average cost basis of corporate Bitcoin treasuries near $80,000, meaning BTC is now trading below that level.
What it means for crypto markets
Total crypto market capitalization fell about 4% over 24 hours to roughly $2.72 trillion, per BeInCrypto. Altcoins underperformed Bitcoin, a sign that risk appetite is shrinking.
- Bull case: The flush cleared out a chunk of leveraged longs. If BTC reclaims $80,000 and clears $83,000, the move could prove to be a short-term shakeout.
- Risk case: If selling continues, BeInCrypto points to $77,876 next, followed by a support zone between $76,700 and $72,500.
Analyst Benjamin Cowen said a weekly close below $83,000 on Oct 25 would strengthen the bearish view. That is one analyst's read, not a confirmed signal.
What to watch next
- Bitcoin's weekly close on Sunday, Oct 25 (US time), relative to $83,000.
- Bitcoin ETF flows when US markets reopen on Monday, Oct 26.
- The FOMC meeting on Oct 27–28 and the Fed Chair's press conference.
- Oil prices and tensions in the Middle East.
Follow the economic calendar and real-time liquidations on Crypffalo.
Frequently Asked Questions
Why were most liquidations long positions?
Most leveraged traders were betting on higher prices. When price fell past their margin levels, exchanges closed those positions automatically.
Why does $80,000 matter?
It is a key psychological level and sits near the estimated average cost basis of corporate Bitcoin holders, per Glassnode. Holding or losing it tends to shape market sentiment.
How does next week's FOMC affect Bitcoin?
The Fed's rate decision and guidance move the dollar and broader risk appetite, which in turn influence flows into crypto.
*This content is for information only and is not financial advice.*
Tags: Bitcoin, Liquidations, Ethereum, FOMC
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