BTC and ETH Prices Plummet, Triggering $533M in Liquidations

• Bitcoin and Ethereum prices dropped, triggering significant liquidations of leveraged positions.
• A total of $533M was liquidated, with $451M from long positions and $75.35M from shorts.
• Binance saw the largest single liquidation, with $12.66M in a BTCUSDT position.

Bitcoin and Ethereum prices fell sharply in the past 24 hours, leading to significant liquidations across the cryptocurrency market. As the tension in the Middle East continued to affect global markets, Bitcoin fell below $61,000, while Ethereum dropped below $2,500. This led to widespread liquidation of leveraged positions, particularly affecting long orders.

Data reveals that 155,000 accounts were liquidated over the past 24 hours, for a total liquidation amount of $533 million. Of this, $451 million came from long positions, indicating that the sell-off disproportionately impacted long traders. Bitcoin alone saw $466.91K in liquidations, while Ethereum faced $381.80K in forced position closures.

Source: Coinglass

The largest single liquidation occurred on Binance, where a BTCUSDT position worth $12.6646 million was closed. This reflects the heavy impact the market downturn had on Bitcoin traders. Binance remained a key player in the unfolding liquidation events, with its highly leveraged traders suffering significant losses.

In a 24-hour period, the total liquidations reached $524.35 million, with $449.01 million coming from long positions and $75.35 million from shorts. The data highlights a bias against long positions, as traders who bet on price increases were hit the hardest.

Ethereum’s price dropped 5.27% over the past 24 hours, with its value declining to $2,488.10. Trading volume for Ethereum reached $25.29 billion during this period, emphasizing the extent of the market activity. Ethereum’s price started the day at $2,631, remaining relatively stable until a sharp drop occurred around 4:00 PM, plunging the price to $2,450 before a partial recovery.

Source: CoinMarketCap

Bitcoin also faced a significant drop, starting at $63.68K before falling sharply in the afternoon. The price reached a low of just below $61K before stabilizing at $61.82K by early October 2. 

Source: CoinMarketCap

Despite some recovery attempts, Bitcoin remains down 2.86% in the last 24 hours, with a market cap of $1.22 trillion and trading volume of $50.35 billion.