Bitcoin: $125.5M Liquidated as Open Interest Falls 0.9% in 24h
Bitcoin derivatives have entered a sharp liquidation phase: $125.5 million in positions were wiped out over the past 24 hours while BTC fell 1.8% to $82,627.50. Longs absorbed $115.0 million of that total, compared with $10.5 million for shorts, showing that the latest move has primarily forced bullish leverage out of the market.
Longs are taking the hit
The liquidation imbalance is already visible across shorter windows. In the last hour, total liquidations reached $37.4 million, including $36.5 million from longs. The four-hour total was $49.5 million, with long liquidations at $48.3 million. Across the latest 12-hour window, long liquidations reached $52.4 million against $2.8 million for shorts.
The largest recorded event was a $11.7 million Binance BTCUSDT long liquidation at $81,608.88. Other notable long exits occurred at $82,231.80, $82,991.80 and $83,065.20, creating a visible cluster of forced-selling levels around the current market. A $2.1 million Hyperliquid short liquidation at $83,658.61 shows that countertrend short risk remains present, but it is materially smaller than the long flush.
Open interest contracts as price weakens
Total open interest stands near $45.0 billion across 20 venues, down 0.9% in 24 hours and 0.5% over the latest hour. Binance holds $8.0 billion and is down 1.8% over 24 hours, while Bybit holds $4.8 billion and is down 2.0%. The decline is concentrated on major venues: OKX is nearly unchanged at $2.6 billion, while Bitget and Gate have increased to $3.0 billion and $4.5 billion, respectively.
This combination of falling price, liquidations and lower aggregate open interest points to deleveraging rather than a clean buildup of fresh directional shorts. Yet positioning is still skewed long. Account data shows 63.0% of tracked accounts long, with Binance at 63.3%, Bybit at 61.7% and Bitget at 65.0%. Taker positioning is also long on Binance at 61.9%, although OKX is close to balanced at 50.8%.
Weak momentum, negative carry
Momentum has deteriorated on the short-term charts: the one-hour RSI is 29.8 and the four-hour RSI is 28.4, while the daily RSI remains higher at 50.2. The average funding rate is negative, and the futures basis is -0.0% on the immediate reading with an annualized basis of -17.3%. That combination signals defensive derivatives pricing and weak demand for leveraged longs.
Verdict: The immediate bias remains bearish while BTC trades below $83,065.20 and aggregate open interest stays below $45.0 billion. A break through $81,608.88 would expose the next long-liquidation cluster, while a reclaim of $83,658.61 together with open interest rebuilding above $45.0 billion would invalidate this downside view. Data as of 13:05 Beijing time on Oct 8, covering Binance, OKX, Bybit and other major venues.