Bitcoin slides toward $82.5K as over $2.4 billion in crypto liquidations hit longs
Over $2.4 billion in crypto positions were liquidated this week as Bitcoin fell from $85.7K to $82.5K. Most of the damage landed on traders betting the price would go up.The sell-off arrived during a rough stretch for markets in general, with bond yields climbing, oil getting expensive and money leaving Bitcoin ETFs.In early October 2026, Bitcoin dropped from near $86,600 to intraday lows of approximately $80,350.Bitcoin pulled back from highs near $87,350 to lows of approximately $80,350–$82,900, depending on the session.By October 9–10, the price had partly recovered to around $82,500.Individual 24-hour sessions saw between $696 million and over $1.2 billion in positions wiped out. Added up across the week, the total cleared $2 billion. The figure in the original report puts it at over $2.4 billion.Long positions made up roughly 85%-93% of liquidations over several days. In single sessions, the forced closures hit somewhere between 100,000 and 180,000 traders.The broader market felt it too. Total crypto market capitalization dropped roughly $110 billion within 36 hours during the downturn.US Treasury yields climbed upwards of 5.3% during the period, while oil prices moved above $101 per barrel.US spot Bitcoin ETF flows also turned negative. On peak days, the outflows ran into the hundreds of millions of dollars.On-chain data added another uncomfortable signal. Short-term holders reportedly sent 55,600 BTC to exchanges at a loss during the decline.Open interest, the total value of outstanding futures and derivatives positions, barely moved and held steady near $150 billion.It also invites comparison with the last big wipeout. In October 2025, a liquidation event erased $19 billion in positions.Technical levels sit around $82,500, with clusters between $81,000 and $84,000. Bitcoin's partial recovery landed right on that $82,500 line.