Crypto Liquidations Top $1 Billion as Bitcoin Tests 11-Week Low

In brief

• CoinGlass showed $1.05 billion in liquidations across its tracked markets over 24 hours; 88.2% came from long positions.
• Bitcoin fell as low as $74,780.91, its weakest intraday price since August 21.
• Bitcoin's 50-day average price remains above the 200-day, but the charts suggest a building bearish trend.

Bitcoin is trading near $75,570 on Friday after touching $74,780.91 today; its lowest intraday reading since August 21, 77 days earlier.

The crypto market retreat followed a brutal selloff in AI stocks and another round of forced closures in derivatives markets.

According to CoinGlass data, $1.05 billion in crypto have been liquidated over the preceding 24 hours. Long positions, which profit when prices rise, accounted for $930.04 million, or 88.2%, compared with $124.69 million in shorts.

That 80%-20% gap in liquidations also matches the overall sentiment tracked by the Fear and Greed Index which is set at 28 points (approaching extreme fear) out of 100, where 0 is a state of maximum fear among traders, and 100 is maximum greed. For context, the index was at a neutral just a week ago, before the midterm elections.

Bitcoin accounted for $267.20 million of the total, with 88.9% from long positions, while Ethereum recorded $167.14 million, 81.1% of it long.