Bitcoin Drops Under $84,000 as $487 Million in Leveraged Longs Get Liquidated in 24 Hours

Bitcoin fell below $84,000 late Tuesday as traders holding leveraged long positions were forced out of their trades. Coinbase exchange data shows bitcoin sliding from about $85,300 shortly before 9:50 p.m. ET to a low near $83,550 at roughly 10:05 p.m. ET. It traded around $84,000 at 11:20 p.m. ET, about 1.7% lower over 24 hours, while ether fell about 3.4% to roughly $2,610.

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Onchain analytics account Lookonchain said four newly created wallets funded themselves with 1 million USDC on Hyperliquid, then took 40x short positions totaling 148.49 BTC, worth about $12.5 million. Hyperliquid’s public data shows four 40x bitcoin shorts opened about 8:04 to 8:17 p.m. ET Tuesday, at average entry prices near $85,500.

Over 24 hours, forced closures across crypto totaled $555.6 million per CoinGlass, and $487.2 million of it was on the long side. The data is typically drawn from public figures and may understate the true total.

Dominick John, an analyst at Zeus Research, told The Block that the pullback “appears primarily driven by profit-taking and forced long liquidations, following a build-up in open interest and funding rates that left the market vulnerable to deleveraging.” The Crypto Fear & Greed Index stood at 62, labeled “greed,” down from 67 a day earlier.

Jeff Ko, chief analyst at ViaBTC, told The Block that the pullback could be viewed as constructive if Bitcoin could hold the $82,000-$83,000 range, citing its roughly 40% gain in the third quarter and $6.5 billion in spot ETF inflows.

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