Bitcoin fell toward $80,000 as a broad cryptocurrency selloff forced the closure of $1.16 billion in leveraged positions over 24 hours, according to CoinGlass data cited by CryptoSlate. The losses were concentrated among traders betting on rising prices, while Ethereum recorded the largest liquidation total among the major cryptocurrencies.
Bitcoin traded near $80,744 in the reported market snapshot, down 3% over 24 hours and about 4% over the week. The decline extended a retreat from the cryptocurrency’s recent attempt to move back above $87,000. Of the $1.16 billion in positions liquidated, roughly $1 billion were bullish long positions, compared with $108 million in short positions.
Liquidation occurs when an exchange forcibly closes a leveraged trade because the trader no longer has enough collateral to support it. In a falling market, large-scale closures of long positions can add to selling pressure, particularly when many traders are positioned in the same direction.
Ethereum bears the heaviest major-coin losses
The pressure was not limited to Bitcoin. CoinGlass data showed approximately $324 million in Ethereum positions were liquidated during the same 24-hour period, compared with about $240 million in Bitcoin positions. Ethereum dropped below $2,500, falling 4% over 24 hours and extending its weekly decline to approximately 9.3%.
The largest individual liquidation cited in the report involved an ETH-USD position worth about $20 million on Hyperliquid. Across the market, 166,769 traders were liquidated during the 24-hour period. Nearly $700 million of liquidations occurred within four hours, including about $650 million in long positions, indicating that the selling intensified over a relatively short period.
Other major digital assets also declined. Solana fell 7.2% to approximately $108.61, XRP dropped 5.7% to $1.35 and BNB lost 4.9%. Zcash recorded one of the sharpest declines among the largest cryptocurrencies, falling 14%.
The scale of the losses also highlights the risk created by leverage. When traders borrow to increase the size of a position, a comparatively modest price move can trigger forced closure if the available collateral falls below the exchange’s requirements. Those closures can amplify an existing market decline, although liquidation data alone does not establish how prices will move next.
Stretched altcoin positioning adds to market pressure
The selloff followed concerns that leverage in parts of the altcoin market had become excessive. In its weekly market report dated Oct. 7, Glassnode said a growing proportion of large-cap altcoins had unusually high open interest relative to their market capitalisation. The firm said that measure had reached its highest level since before the October 2025 cryptocurrency market crash.
Open interest represents the value of outstanding derivatives contracts. Elevated open interest can indicate that many leveraged positions remain active, leaving the market more exposed to forced closures if prices move against traders. The latest liquidation wave suggests that this vulnerability has become visible across several major tokens rather than in Bitcoin alone.
On-chain data provided another sign of deteriorating sentiment among newer Bitcoin buyers. CryptoQuant recorded more than 50,000 BTC transferred to exchanges by short-term holders at the 24-hour daily peak. More than 29,500 BTC, or about 59% of that inflow, was moved at a loss.
CryptoQuant said the losses linked to those transfers were the largest recorded for short-term holders in nearly four months. Depositing coins on an exchange can indicate an intention to sell, although a transfer does not necessarily lead to an immediate transaction. The loss-related inflows nevertheless represent a potential source of additional supply as leveraged positions are being unwound.
That activity contrasts with the profit-taking seen during Bitcoin’s recent advance above $85,000. Glassnode previously reported that short-term holders accounted for about 86% of exchange inflows on Oct. 4, when Bitcoin closed above that level—the highest share in a year.
Traders watch the $81,000 support area
A key near-term focus is the visible demand around $81,000. Glassnode identified a concentration of resting buy orders between $81,000 and $81,250 on Binance’s spot order book in its Oct. 7 analysis. The orders had accumulated since Oct. 3 and formed the largest visible block of bids below Bitcoin’s prevailing price at that time.
The zone became important after Bitcoin failed to overcome sell orders between $86,500 and $86,750 and then lost buying support that had developed around $85,000. A group of buy orders is not a guarantee of support: orders can be cancelled, and sustained selling can absorb the available demand.
Glassnode also identified a large concentration of potential liquidation levels between $81,700 and $83,300, along with another significant cluster near $75,000. With Bitcoin already trading around the lower part of the immediate range, market participants are watching whether demand near $81,000 can withstand further selling.
Current market picture
Moneyiar market data at 21:54 on Oct. 8, 2026, showed Bitcoin at $81,643.54, down 1.79% over 24 hours and 3.40% over seven days. Cardano traded at $0.2331, down 8.05% daily and 4.89% weekly, while NEAR Protocol was at $4.5289, down 13.66% in 24 hours and 5.27% over seven days. Basic Attention Token was at $0.1003, up 0.21% daily and 12.55% weekly.
