Bitcoin slides to $68,800 as long liquidations hit $622m
Bitcoin fell to about $68,800 with roughly $622m in liquidations, the largest long wipeout since June, while traders debate whether the bottom is in.
What we know
Bitcoin dropped to $68,800 with $622m in liquidations. An analyst notes it was the biggest long liquidation since June, yet open interest has not flushed and funding is slightly negative. An on-chain tracker flags a trader opening a 40x short on 500 BTC ($34.65M) liquidating at $72,273. A trader says $14.2bn in stablecoins has left and the typical altcoin is down 84%, though capitulation signals are incomplete. Robinhood's October crypto volume fell 48% year over year, per The Block.
How the story developed
Bitcoin fell to about $68,800 with roughly $622m in liquidations, the largest long wipeout since June, while traders debate whether the bottom is in.
Bitcoin dropped to around $68,800 with roughly $622m in liquidations, the largest long wipe-out since June. Open interest has not fully flushed and a large 40x short has been opened.
Bitcoin open interest sits near its highest since 2021-2023 even after the biggest long liquidation since June, with funding slightly negative. A trader opened a 40x short worth $34.65M.
Sources
“Robinhood's crypto trading volume fell 48% year over year”
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