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Leveraged bulls lose $404 million as bitcoin dips under $80,000 for a moment

The Block reports bitcoin briefly dipped under $80,000 on Saturday, liquidating $404.15 million in long positions over four hours, per CoinGlass data.

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what happened

Bitcoin briefly slipped under $80,000 on Saturday, and most of the pain fell on traders betting on higher prices with borrowed money. According to CoinGlass data cited by The Block, $436.44 million in positions were forcibly closed in the four hours to 1 p.m. ET, and $404.15 million of them were long bets.

The damage came in two waves. About $208.21 million in longs were liquidated in the 15 minutes from 10:15 a.m. ET, when BTC slid from roughly $80,640 to $80,100, and another $131.17 million went in the 15 minutes starting at 11:15 a.m. Over the full day, liquidations reached $815.26 million, up 218% from the previous day.

US spot bitcoin ETFs recorded $137.94 million in net outflows on Friday, with BlackRock's IBIT accounting for most of it. Arthur Hayes, BitMEX co-founder, said he had closed the directional book at his family office Maelstrom, pointing to macro and geopolitical risks without naming them.

why it matters

For leveraged traders, the episode shows how quickly crowded bets on rising prices unwind when the market turns. Ether liquidations nearly matched bitcoin's despite ether's market value being only about 18% of bitcoin's, which adds to caution across the crypto market amid ETF outflows.

market impact

BTC and ETH: forced sales of long positions and ETF outflows add downward pressure on crypto prices.

tags

CryptoETF

instruments

BTCETHBitcoin ETFsEther ETFs

sources

  1. Crypto longs lose $404 million in four hours as bitcoin briefly slips below $80,000 — The Block, 24 October 2026 at 17:44 UTC

prepared by the newsmetry newsroom with ai assistance from the sources listed below. not investment advice.

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