BTC Slips to $77.8K: $489M Wiped, Longs Pay 95% in 1H
Bitcoin slipped to $77,849 early Friday, down 3.1% in 24 hours, after the market failed to hold above $81,500. The pullback triggered a wave of long liquidations across major venues: $489.3M in positions were wiped over the past day, and in the last hour alone $206.4M was cleared, with longs accounting for 95.4% of that total. ETH followed with a 3.3% drop to around $2,440, and the single largest liquidation was a 4,800-ETH long on Binance worth $11.57M.
The liquidation tape: longs paid the bill
The 24-hour liquidation breakdown shows $359.2M in longs versus $130.1M in shorts, so roughly 73% of the total damage landed on long positions. The one-hour window is even more one-sided: $196.9M of longs were cleared against just $9.6M of shorts. That pattern matches a market where leveraged buyers piled in during the run to $81.5K and got caught when momentum reversed. Binance handled the largest share of the flush at $208.2M, followed by OKX at $119.9M and Bybit at $50.3M.
The biggest single wipe: a 4,800-ETH long
The largest liquidation in the latest batch was a 4,800-ETH long on Binance, closed at $2,411.42 for $11.58M. BTC longs took the next spots, including a 99.9-BTC position worth $7.64M and a 60-BTC position worth $4.6M. On Hyperliquid, a 27-BTC short at $80,930 was also closed for $2.19M. Big single-position wipes of this size usually mean a leveraged account, not a spot holder, and they can accelerate the move as margin calls force more selling into thin order books.
Funding and open interest: leverage is cooling
Funding rates have stayed near zero through the flush. Binance funding is 0.0073% for BTC and 0.0033% for ETH, with OKX at 0.01% and 0.0041%. That is not a panic reading, but open interest tells a clearer story. BTC open interest on Binance is down 3.6% in 24h, while OKX BTC OI is actually up 1.6%. For ETH, Binance OI fell 5.3% while Bitget OI rose 8.8%. The divergence suggests leverage is being cut on the biggest venues while some smaller exchanges are still taking new positions into the dip.
What to watch next
The key level is the $76,800-77,000 zone, which matches the 24-hour low of $76,847 on OKX and $76,853 on Binance. A break below that would open a test of the $74K-75K range, where the last major long buildup sat. On the other side, funding near zero means shorts are not getting paid to stay, and the 95% long share in the last hour shows the chase crowd has been flushed. If price holds $77K and OI keeps shrinking, the setup leans toward a slower grind rather than another squeeze.
Data as of Beijing time 2026-08-29 00:33, covering Binance, OKX, Bybit, Hyperliquid, Gate, Bitget and other major exchanges.