Bitcoin (BTC) broke below the $80,000 threshold on Saturday as more than $200 million in crypto positions unraveled in a single hour, with bullish traders bearing $191.33 million of those rapid liquidations. The broader crypto sell-off dragged total digital asset market capitalization down 4.06% in 24 hours to $2.72 trillion.
Mass Liquidations Target Bullish Leverage
The hourly sell-off was part of a larger 24-hour liquidation wave total of $837.12 million that wiped out 227,681 traders, according to Coinglass data. Bullish long bets accounted for 82.8% of total wipeouts at $693.05 million, while short sellers lost $144.07 million.
Bitcoin recorded the highest liquidation volume at $232.55 million, followed by Ethereum at $181.51 million, with long positions comprising over 93% of liquidations in both assets. Binance registered the largest single order liquidation, an $11.85 million long position on the ETHUSDT pair.
- $837.12 million in total 24-hour crypto liquidations hit 227,681 traders across all exchanges.
- Bitcoin traded down 2.48% to $79,464, marking its lowest price point since September 18.
- Ethereum (ETH) dropped 4.71% to $2,288.73, while Solana (SOL) lost 5.20% to $98.92 and Zcash (ZEC) fell 8.39% to $1,124.36.
- $2.72 trillion total market cap remains roughly 1% above the $2.69 trillion low reached on October 8.
Corporate Balance Sheets Face Unrealized Losses
At its press-time price of $79,464, Bitcoin has fallen below the $80,000 average price corporate treasuries paid per coin based on Glassnode estimates, placing average institutional corporate balance sheets in an unrealized loss position.
Technical analysis points to $77,876 as the immediate downside support floor, with a deeper structural support range situated between $76,700 and $72,500. Analyst Benjamin Cowen noted that a weekly candle close below $83,000 on October 25 reinforces a bearish trajectory, a scenario that would be invalidated only if price reclaims $83,000, as detailed in recent coverage of Bitcoin testing critical $80,000 support.
Macro headwinds remain intense ahead of the Federal Reserve policy meeting on October 27 and 28, followed by September Personal Consumption Expenditures (PCE) inflation figures on October 29. With Brent crude settling at $116.72 on Friday, persistent energy costs continue to fuel broader risk-asset weakness, building on trends seen when oil surged to $117.42 amid market liquidations.
Why It Matters
Bitcoin breaching the $80,000 average entry price for corporate treasuries marks a psychological shift, putting balance-sheet buyers underwater and removing an institutional floor that supported prices through late summer. Weekend illiquidity amplified the force of leveraged unwinds, showing that derivatives markets remain overly sensitive to macro uncertainties like persistent oil inflation and upcoming central bank decisions. If buyers fail to defend the $77,876 level before PCE data releases, the market risks testing lower support bands around $72,500.
