Crypto liquidations hit $600m in 30 minutes as Bitcoin drops
Exchanges closed out more than $600 million in long positions as Bitcoin, Ethereum, Solana and XRP broke key price levels in a rapid market pullback.
Key takeaways
- 1Exchanges closed out over $600 million in long crypto positions in 30 minutes.
- 2Bitcoin dropped below $78,500 while Ethereum, Solana and XRP recorded sharp falls.
Traders lost more than $600 million in long positions within a 30-minute window on 29 October as prices across the cryptocurrency market fell sharply. Outlets including Watcher Guru reported the sudden cascade of forced liquidations across major digital asset exchanges.
During the sharp market drop, Bitcoin dipped under $78,500, and Ethereum fell beneath $2,250. Solana traded down past the $96 mark, while XRP dropped under $1.24, causing trading platforms to automatically close out margin positions.
YourKhabri market data recorded Bitcoin at $78,920 at 21:01 UTC, marking a 2.9 percent loss over 24 hours. Ethereum traded at $2,258.92, while Solana and XRP fell 5.9 percent and 6.6 percent respectively. Earlier YourKhabri research showed long-term holders faced persistent pressure, sitting on roughly 4 million Bitcoin purchased between $85,000 and $118,000 at an average loss.
Market participants are monitoring derivative market funding rates and spot trading volume to gauge whether the liquidation wave has ended or if further selling will follow in upcoming trading sessions.
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Reported and edited by the YourKhabri desk under our editorial policy. Nothing here is investment advice.