Bitcoin, Ether Slide as Crypto Liquidations Reach $545 Million

Bitcoin (BTC) and Ether (ETH) extended their declines as crypto liquidations reached $545 million over 24 hours, with leveraged long positions bearing most of the losses.

BTC fell as low as $83,500 before rebounding to $84,314, leaving it down 2.46%. ETH dropped to $2,635 and later traded at $2,682, a 2.79% decline.

The liquidation wave affected 126,630 traders. Long positions accounted for $447 million of the total, while short positions represented $98.75 million. The largest single liquidation was a $10.04 million ETH/USDT position on Binance.

Broader market pressure followed a rise in the 10-year U.S. Treasury yield to 5.11%, its highest level in 19 years, while September manufacturing and services activity exceeded expectations. The combination increased pressure on risk assets, including cryptocurrencies.