$294 million in leveraged crypto bets were wiped out in 24 hours — and $249 million of that pain fell on long traders betting on higher prices. Bitcoin still held $80,967 on Sunday evening, but it now sits just above one thin danger line at $80,862, with Monday marking 39 years since the Black Monday stock market crash.
Key points:
- Liquidations reached about $294 million across Binance, Bybit and OKX in 24 hours — longs lost $249 million, shorts only about $45 million.
- Bitcoin fell just 0.85% to $80,967, the smallest loss among six major coins, while Ether slid about 2.9% to near $2,351.
- CoinGlass puts Bitcoin's big long liquidation level at $80,862, with about $46 million in long bets sitting right there.
The Sunday evening snapshot shows how one-sided the selling was. The total crypto market value slipped to about $2.70 trillion, and almost every major coin fell harder than Bitcoin: Ether dropped about 2.9% to near $2,351, XRP fell about 2.9% to $1.27, Solana lost about 2.9% to near $101, BNB eased about 1.6% to near $709, and Dogecoin took the biggest hit, down about 4.3%. Bitcoin's small 0.85% fall shows relative strength — but with longs taking $249 million of the losses, the crowd was clearly leaning the wrong way.
Read also: 8,237 Bitcoin Move Onto Exchanges in 7 Days — Sell-Off Next?
Why is $80,862 the line to watch?
CoinGlass data shows why traders are staring at one number. Around $80,862 sits the biggest cluster of leveraged Bitcoin long positions — about $46 million worth would be forced to close if the price slips to that level, and forced selling at one level can quickly push the price into the next cluster below. On the other side, a similar pile of short positions sits near $82,493, about 1.9% above Sunday's price. Ether has the same tight setup, trading only just above its own long danger level near $2,354, where about $26 million in longs are exposed.
The mood heading into Monday is nervous. Retail sentiment on Stocktwits flipped to "extremely bearish" for Bitcoin, and the wider CoinGlass count for the whole crypto market put total liquidations near $352 million over 24 hours, up about 67% in a day. The date adds to the nerves: Monday, October 19, is the 39th anniversary of the 1987 Black Monday crash, when the Dow Jones fell 22.6% in a single day — the kind of anniversary that makes leveraged traders quicker to cut risk before Wall Street opens.
What happens next?
The test is now simple. If Bitcoin holds above $80,862 and buyers push it back toward $82,493, the crowded shorts above could be squeezed and turn the bounce sharper. If the $80,862 line breaks, the $46 million in longs sitting there could cascade into fresh selling and drag Ether and the altcoins down with it. Either way, the first hours of Monday trading will show whether Sunday's wipeout cleared the leverage — or only started it.
Read also: Bitcoin's New Buyers Stack 570,000 BTC — Is $75,000 the Floor?
— Crypto News Daily News Desk
This post is news only, not financial advice. Always do your own research before buying or selling crypto.
Sources: EconoTimes, Stocktwits, CoinGlass
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