On October 11, Bitcoin fell below $59,000 for the first time since September 18, leading to significant long liquidations across the crypto market. The week began with Bitcoin reaching a high of $64,400 on October 7, but it subsequently dropped to $61,200 by October 10 and further declined to $58,800 overnight before recovering slightly to $60,700.
In the past 24 hours, 58,176 traders were liquidated, totaling $196.65 million in liquidations. Bitcoin accounted for the largest share, with $67.99 million in liquidations, followed by Ethereum at $39.05 million, Solana at $8.39 million, and Sui at $5.85 million. Other cryptocurrencies contributed $19.54 million.
Long positions dominated, with $144.47 million in long liquidations compared to $52.17 million in shorts. On Binance, long liquidations reached $27.62 million, representing 91.36% of total liquidations on the exchange. Similar trends were noted on OKX and Bybit, where over 90% of liquidations were long positions.
This price drop and the resulting liquidations underscore the current volatility in the crypto market, with leveraged traders facing significant losses as market conditions shift.