Nearly a billion dollars worth of long positions have been wrecked in the past 24 hours as positive macro developments have failed to propel a price rally for risk-on assets like cryptocurrency. Contrary to expectations, Bitcoin and most altcoins have headed south once again in the past hour, hitting numerous weekly lows.
The promises of an “Uptober” have crashed and burned in 2025, as the market has failed to produce any substantial gains since an early surge to a new all-time high. Bitcoin’s chart clearly shows that the asset has been in a free-fall ever since the peak recorded on October 6. Even excluding the flash crash that occurred four days later, BTC is still nearly $20,000 down in just over three weeks.
The asset was rejected at $116,000 twice in the past four days. Bulls pinned their hopes on yesterday’s Fed rate cut and today’s meeting between Presidents Donald Trump and Xi Jinping. Both events delivered the expected outcomes: a reduction in interest rates and lower tariffs on China. Yet, the cryptocurrency market failed to capitalize on these positive developments.
On the contrary, Bitcoin slumped from over $112,000 yesterday to $107,500 minutes ago, marking a new weekly low. The market leader’s decline dragged altcoins down as well, with Ethereum (ETH) dropping 5% to under $3,800 and XRP falling over 6% to $2.45.
Even more painful declines were seen among smaller coins such as HASH (-22%), ASTER (-13%), KAS (-11%), PI (-10.5%), WLFI (-10%), among others. Such significant moves in either direction tend to severely impact over-leveraged traders, and the correction in the past 24 hours was no different.
More than 210,000 market participants were liquidated daily, with the total value of liquidated positions skyrocketing to over $1.1 billion. Naturally, almost all of that amount came from long positions, totaling $974 million in liquidations.
The recent market turmoil serves as a stark reminder of the volatility inherent in the crypto space and the risks associated with highly leveraged trading.
https://cryptopotato.com/bitcoin-dumps-to-weekly-lows-as-liquidations-skyrocket-to-over-1-1-billion/