Bitcoin (BTC), the largest cryptocurrency by market capitalization, fell below $80,000 on Saturday, October 24, 2026. The drop forced the closure of leveraged trades betting on higher prices. Bitcoin liquidations reached $239.65 million over 24 hours, and long positions made up more than nine of every ten dollars wiped out.
The move came as U.S. spot Bitcoin exchange-traded funds recorded two consecutive days of withdrawals, technology stocks sold off, and Middle East tensions lifted oil prices.
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Bitcoin Price Slips Below $80,000
Bitcoin traded near $80,300 after briefly falling below the $80,000 level, according to CoinGecko data. Its 24-hour range ran from about $79,263 to $81,445.
The decline extended a pullback that began midweek. Bitcoin had rebounded to about $84,333 on October 21 before it fell back toward $81,000 a day later, when long liquidations across the crypto market reached nearly $418 million.
Bitcoin Liquidations Reach $239.65 Million, Longs Take 93.1%
A liquidation occurs when an exchange forcibly closes a leveraged trade because the trader’s collateral no longer covers losses. A long position is a bet that prices will rise, while a short position is a bet that prices will fall.
CoinGlass liquidation data, reviewed at 00:31 IST on October 25 (19:01 UTC on October 24), showed $239.65 million in Bitcoin liquidations over 24 hours. Long positions accounted for $223.00 million, or 93.1%, while short positions accounted for $16.65 million, or 6.9%. CoinGlass notes that these figures reflect actual liquidations, not predicted liquidation levels.
The imbalance indicates that traders had positioned heavily for higher prices before the drop. As Bitcoin broke below the $81,000 to $80,000 zone, forced closures of long positions added selling pressure to the market.
Total Crypto Liquidations Top $820 Million
Across the wider market, total liquidations reached $820.78 million over 24 hours, and 196,033 traders were liquidated, according to CoinGlass. Long positions accounted for $686.93 million (83.7%), and short positions accounted for $133.86 million (16.3%).
Ethereum (ETH), the second-largest cryptocurrency, recorded $188.21 million in liquidations, with longs making up 90.2%. Solana (SOL) followed among major assets with $32.88 million, of which 93.8% were longs.
Binance accounted for 50.0% of liquidations by exchange. The largest single liquidation order was an $11.85 million long position on Binance’s ETHUSDT pair, closed at $2,307.65.
Shorter timeframes show when most of the selling happened. Liquidations totaled $214.67 million over four hours, including $182.44 million in longs. Over 12 hours they reached $503.85 million, of which $449.59 million were longs. In the most recent hour, liquidations fell to $12.07 million, and $11.25 million of that came from short positions. That shift suggests prices recovered slightly in that window.
Spot Bitcoin ETF Outflows Remove Buying Support
Spot Bitcoin exchange-traded funds (ETFs) are regulated investment products that hold Bitcoin directly and trade on U.S. stock exchanges. They recorded net outflows of about $635.5 million on Thursday, October 22, according to SoSoValue data. That was the largest single-day withdrawal since June 25. BlackRock’s iShares Bitcoin Trust (IBIT) led with about $254.1 million in outflows, followed by Fidelity’s Wise Origin Bitcoin Fund (FBTC) at about $217.5 million.
The funds lost another $137.9 million on Friday, October 23. The two days of withdrawals followed three sessions of inflows totaling more than $1 billion, including $528.40 million on October 21. The reversal pulled Bitcoin toward $81,668 on Friday, before the weekend break below $80,000.
Tech Stock Selloff and Oil Prices Weigh on Risk Assets
Bitcoin’s decline followed weakness in U.S. technology shares. The Nasdaq Composite fell 2.6% on Thursday, its steepest daily drop since June 5. Investors questioned whether large technology companies can sustain their capital spending on artificial intelligence (AI). Bitcoin has often moved in line with growth stocks when investors reduce exposure to riskier assets.
Energy markets added to the pressure. Brent crude, the global oil benchmark, settled at its highest level since May 4 on Thursday after Yemen’s Houthi movement carried out attacks on Saudi Arabia. Higher oil prices can raise inflation concerns and reduce expectations of interest rate cuts. That makes non-yielding assets such as Bitcoin less attractive to some investors.
Arthur Hayes Exits Directional Crypto Trades
Market sentiment also reflected comments from Arthur Hayes, co-founder of the crypto derivatives exchange BitMEX. In a post on X on October 24, Hayes said he had closed the directional trading book at Maelstrom, his family office, and taken profits on ETH, Ethena (ENA), Uniswap (UNI), and other tokens.
He cited macroeconomic and geopolitical uncertainty. A directional trade is a position that profits only if prices move in one expected direction.
Bitcoin Price Outlook: Key Levels and Fed Meeting Ahead
Traders are now watching whether Bitcoin can hold near $80,000. Based on the current liquidation balance, a sustained move below the session low near $79,263 could trigger further long liquidations. A recovery above the $81,000 to $81,445 range could shift pressure toward short positions.
The next major macroeconomic event is the U.S. Federal Reserve’s Federal Open Market Committee (FOMC) meeting, scheduled for October 27 and 28. The FOMC sets U.S. interest rate policy, and its decision on October 28 is expected to influence risk appetite across equities and digital assets.
All liquidation figures are based on CoinGlass data as of 19:01 UTC on October 24, 2026. Price data is from CoinGecko. Cryptocurrency prices are volatile and may have changed since publication.
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