Bitcoin slipped below $84,000 late Tuesday after a wave of leveraged long liquidations swept through the crypto market. Coinbase data showed BTC dropping from about $85,300 shortly before 9:50 p.m. ET to nearly $83,550 around 10:05 p.m. ET, before trading near $84,000 by 11:20 p.m. ET. Over the same 24-hour period, bitcoin was down about 1.7%, while ether fell roughly 3.4% to around $2,610.
Onchain activity also drew attention. Lookonchain said four newly created wallets funded themselves with a combined 1 million USDC on Hyperliquid and then opened 40x short positions totaling 148.49 BTC, worth about $12.5 million. Hyperliquid’s public data showed the four bitcoin shorts were opened between 8:04 p.m. and 8:17 p.m. ET at average entry prices near $85,500.
According to CoinGlass, total crypto liquidations reached $555.6 million over 24 hours, with $487.2 million coming from long positions. Zeus Research analyst Dominick John told The Block the move appeared to be driven mainly by profit-taking and forced long liquidations after rising open interest and funding rates left the market exposed to deleveraging. The Crypto Fear & Greed Index fell to 62 from 67 a day earlier, while ViaBTC chief analyst Jeff Ko said the pullback could be constructive if bitcoin holds the $82,000-$83,000 range.
Bitcoin fell below $84,000 late Tuesday as leveraged long positions were forced out of the market.
Coinbase exchange data showed bitcoin sliding from about $85,300 shortly before 9:50 p.m. ET to a low near $83,550 at roughly 10:05 p.m. ET. By 11:20 p.m. ET, it was trading around $84,000, down about 1.7% over 24 hours. Ether fell about 3.4% to roughly $2,610 over the same period.
Hyperliquid shorts drew attention
Onchain analytics account Lookonchain said four newly created wallets funded themselves with a combined 1 million USDC on Hyperliquid and then opened 40x short positions totaling 148.49 BTC, worth about $12.5 million.
Public data from Hyperliquid showed the four 40x bitcoin shorts were opened between 8:04 p.m. and 8:17 p.m. ET on Tuesday, with average entry prices near $85,500.
Long positions absorbed most of the liquidations
CoinGlass data showed total forced liquidations across the crypto market reached $555.6 million over the past 24 hours. Of that amount, $487.2 million came from long positions. The report noted that liquidation figures are typically based on public data and may understate the true total.
Dominick John, an analyst at Zeus Research, told The Block that the pullback appears to have been driven mainly by profit-taking and forced long liquidations. He said a build-up in open interest and funding rates had left the market vulnerable to deleveraging.
Analysts are watching the $82,000-$83,000 range
The Crypto Fear & Greed Index stood at 62, still in the greed category, down from 67 a day earlier.
Jeff Ko, chief analyst at ViaBTC, told The Block that the pullback could be seen as constructive if bitcoin holds the $82,000-$83,000 range. He pointed to bitcoin’s roughly 40% gain in the third quarter and $6.5 billion in spot ETF inflows.
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