Bitcoin slips below $84,000 as crypto long liquidations surpass $500 million
Bitcoin and Ether tumbled sharply as a sudden selloff triggered hundreds of millions of dollars in crypto long liquidations, accompanied by scrutiny over well-timed 40x short positions opened on Hyperliquid.
Bitcoin dropped below $84,000 on Wednesday, tumbling from above $85,000 to lows near $83,550 on Coinbase as Ether slid under $2,600. The rapid downturn triggered a cascade of forced selling across digital asset trading venues, wiping out hundreds of millions of dollars in leveraged long positions within minutes.[7][13][10][8][9]
According to CoinGlass data cited by Unchained and The Block, 24-hour crypto liquidations reached $555.6 million, with $487.2 million coming from leveraged longs. Liquidations later climbed to $608 million, according to Cointelegraph and Crypto Briefing, with Ether accounting for $216.56 million and Bitcoin $154.33 million, including a single $26.64 million ETHUSDC liquidation on Binance.[6][7][14][15]
The steep drop drew scrutiny when on-chain tracking account Lookonchain revealed that four newly created wallets deposited 1 million USDC into Hyperliquid just before the crash. The wallets opened 40x leveraged short positions across 148.49 BTC valued at around $12.5 million at entry prices near $85,500, immediately locking in substantial paper gains as spot prices broke downward.[12][7][3][11]
The selloff coincided with external macro pressures. CoinDesk reported that oil prices climbed following Iranian tanker attacks, strengthening the dollar, while rising U.S. Treasury yields added headwind to risk assets ahead of the Federal Reserve's September meeting minutes release.[4][1][2][16]
Key facts
- Bitcoin dropped below $84,000, reaching a low near $83,550 on Coinbase after trading above $85,300 earlier in the evening.
- CoinGlass data showed $555.6 million in total crypto liquidations over 24 hours, of which $487.2 million were long positions.
- Four newly created wallets funded with 1 million USDC opened 40x leveraged short positions on 148.49 BTC worth about $12.5 million on Hyperliquid just before the drop.
- Total liquidations later reached $608 million, led by $216.56 million in Ether and $154.33 million in Bitcoin, with the largest single wipeout being a $26.64 million ETHUSDC order on Binance.
- Ethereum declined below $2,600, touching $2,576.26 according to CoinGape market data.
- Market observers attributed selling pressure to rising oil prices following Iranian tanker attacks, alongside a stronger dollar and climbing U.S. Treasury yields.
Sources · 15 sources
- CO
CoinGape@CoinGapeMediaPost on X ·
🚨 Crypto Market Slides 3% #Crypto’s total market cap fell 3% to $2.85T as rising #oil, Treasury yields and #dollar strength triggered selling and over $403M in leveraged long #liquidations. #Bitcoin ETF inflows hit $119M, while Ether #ETFs saw $202M in outflows. 🔗 Know more in comments
Open source - C®
CryptoSavingExpert ®@CryptoSavingExpPost on X ·
Bitcoin has just dropped below $84K. The move lower comes as risk assets are under pressure from higher oil prices and rising US Treasury yields. Crypto leverage is also being cleared out as traders close losing positions. Bitcoin is now back below $84K, putting $83.5K in focus. If BTC holds that level, this could still be a normal pullback. If it breaks, $81K–$82K becomes the next area to watch. The Fed minutes are also due later today, so we could see more volatility. 👀
Open source - W�
wyck 📴@wyckoffwebPost on X ·
Four brand-new wallets were created just before Bitcoin dumped today. They deposited a combined $1M into Hyperliquid and immediately opened 40x BTC shorts worth $12.5M. Bitcoin dropped almost $2,000 within roughly 20 minutes. More than $400M in longs got liquidated during the move. Four fresh wallets somehow positioned themselves on the right side of a move that wiped out hundreds of millions from everyone else. Is it safe to say they know something we don't know?
Open source - CO
CoindeskArticle ·
Bitcoin dips below $84,000 as oil jumps on Iranian tanker attacks Bitcoin briefly broke under the level analysts flagged as the point where sellers take over. Oil and the dollar both climbed.
Open source - LS
Laura Shin@laurashinPost on X ·
Bitcoin slid below $84,000 late Tuesday. CoinGlass data shows $555.6 million in crypto liquidations over 24 hours, $487.2 million of them long positions. https://t.co/3q43O3d66K
Open source - TB
The BlockArticle ·
Bitcoin briefly slides below $84,000 as crypto long liquidations reach $487 million Crypto liquidations amounted to $555.6 million over the past 24 hours, including $487.2 million in long positions, according to CoinGlass.
Open source - UN
UnchainedArticle ·
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 . Get Unchained’s crypto news in your inbox with the free Unchained Daily newsletter . Hyperliquid Shorts Flagged 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. Longs Take the Hit 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. Analysts Eye Support 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. Related Listen: Inside the Coldcard Hack That Drained Over $100 Million in Bitcoin: Uneasy Money The post Bitcoin Drops Under $84,000 as $487 Million in Leveraged Longs Get Liquidated in 24 Hours appeared first on Unchained .
Open source - TK
The Kobeissi Letter@KobeissiLetterPost on X ·
BREAKING: Bitcoin falls nearly -$2,000 in 20 minutes as $400 million worth of levered longs are liquidated in under one hour. https://t.co/hVnLfd156z
Open source - BL
Bloomberg@businessPost on X ·
Cryptocurrencies fell on Wednesday as a wave of forced selling swept across digital-asset venues https://t.co/Jv8lVQphUW
Open source - WG
Watcher.Guru@WatcherGuruPost on X ·
JUST IN: Bitcoin falls under $84,000 $360,000,000 worth of crypto longs liquidated in the past 10 minutes. https://t.co/G9Ht0yLFuQ
Open source - CO
Cointelegraph@CointelegraphPost on X ·
🚨 ALERT: Bitcoin falls to $83.6K as $550M in longs are liquidated, and 40x Hyperliquid shorts come into focus. https://t.co/n2YyHwQ3ZA
Open source - LO
Lookonchain@lookonchainPost on X ·
Bitcoin has dropped below $84,000. Just before the market dropped, 4 newly created wallets deposited 1M $USDC into #Hyperliquid and opened 40x shorts on 148.49 $BTC ($12.5M). Insiders? https://t.co/EzPGCixA9c https://t.co/idcl5q2vtM https://t.co/6cNec0Rc3Y https://t.co/jFDTRz3l9X
Open source - CO
- CO
Cointelegraph@CointelegraphPost on X ·
🚨 REKT: 2H Crypto liquidations jump to $608M, the largest single liquidation was a $26.64M ETHUSDC order on Binance. https://t.co/o6zSyax6E7
Open source - CB
Crypto BriefingArticle ·
Crypto liquidations hit $608 million as Ether longs unwind, with a $26.64 million hit on Binance The liquidation event highlights the volatility and risk in crypto markets, emphasizing the need for cautious leverage management and market monitoring. The post Crypto liquidations hit $608 million as Ether longs unwind, with a $26.64 million hit on Binance appeared first on Crypto Briefing .
Open source - CO
CoinMarketCap@CoinMarketCapPost on X ·
BITCOIN: 📉 Oil and Treasury yields are climbing, while Bitcoin is back at the bottom of its range, with nearly $500M in crypto longs wiped out. Can $83,000 hold through today's release of the Fed's September meeting minutes? Let's dive into it.👇 https://t.co/hTbaTb5P9z
Open source