Nearly $1B in crypto bets liquidated as bitcoin and ether slide

Leveraged crypto traders were forced out in size as prices fell into the Asian session. CoinDesk reported that roughly $483 million in bitcoin and ether futures positions were liquidated over 24 hours, with broader market commentary putting total forced closures closer to $1 billion once other tokens are included.

What the data show

According to CoinGlass figures cited during Asian morning hours:

• Ether liquidations: about $286 million, as ETH fell roughly 6.4% to around $2,356.
• Bitcoin liquidations: about $197 million, with BTC off roughly 3.2% near $81,000.
• Solana futures: about $31 million liquidated as SOL fell ~5.5%.
• Zcash contracts: nearly $19 million, with ZEC down about 13%.

XRP and dogecoin also slid around 5–6% in the same window. Outstanding ether futures open interest was cited near $30 billion, versus about $52 billion for bitcoin — so ether’s hit was outsized relative to market size.

Why liquidations amplify a drop

Liquidations happen when traders use borrowed funds and a price move leaves too little collateral. The exchange closes the position automatically. Those forced sales can deepen a sell-off even when holders wanted to stay in the trade.

Macro backdrop

The flush followed hotter U.S. inflation data and renewed debate over whether the Federal Reserve could still raise rates in October. Odds of a hike had spiked then eased on prediction markets and CME FedWatch, but risk assets — including crypto — remained under pressure alongside weak Asian equities.