The crypto market witnessed a brutal washout over the past 24 hours, with more than $644.14 million in leveraged positions liquidated across major exchanges, according to data from CoinGlass.
Crypto Bulls Take the Biggest Hit: Ethereum, Bitcoin Suffer Highest Liquidations
Long traders bore the brunt of the carnage, losing $488.75 million compared to $155.39 million in short liquidations. The largest single wipeout occurred on OKX, involving an $8.74 million BTC-USDT swap position.
The heatmap shows that most losses came from bullish bets, indicating that traders were overly leveraged on a continued uptrend before the market abruptly reversed.
Is The Crypto Market Topping Out?
Past data shows that large long-liquidation events like the recent $644 million wipeout rarely signal a bear market. They usually act as short-term leverage resets within ongoing uptrends.
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Such events often clear excess leverage and restore market balance, paving the way for healthier rallies rather than long-term reversals.
Bitcoin Eyes $126,000 Liquidity Zone Retest in October
The latest Binance BTC/USDT liquidation heatmap shows a dense cluster of liquidation levels around $125,500 to $126,500, the brightest yellow zone on the chart.
This area represents the largest concentration of leveraged positions and remains a magnet for price action.
With Bitcoin currently rebounding from the $121,000-$122,000 range, the market appears poised for a short-term push toward $126,000, likely to clear out short positions that have built up there.
If Bitcoin breaks and holds above $126,500, the move could extend toward $128,500-$130,000, confirming renewed bullish momentum. However, a rejection at that level may trigger a $122,000 retest or even $118,000-$119,000 if selling pressure intensifies.
Where Ethereum Might Go Next
Ethereum’s chart shows two key zones traders are watching: one above $4,800 and one below $4,300. These are areas where lots of traders could get forced out of their positions, also known as liquidations.
Right now, ETH is around $4,450, sitting in the middle. It could bounce up toward $4,800 first, where many short trades might get cleared out. However, if ETH drops below $4,400, it may fall to $4,300, where buyers are likely waiting.
