- Crypto liquidations rose to over $200 million in 24 hours as Bitcoin (ETH) and Ethereum (ETH) dipped.
- Analysts are however bullish on BTC price as September looks poised to end on a green note.
The crypto market saw over $200 million in crypto liquidations as Bitcoin slipped to near $64k amid fresh bear moves.
According to data from Coinglass, the cryptocurrency market saw total liquidations in the past 24 hours surge by 128% to more than $200 million. This came as Bitcoin (BTC) fell 4% to near $63,100 on September 30.
24-hour liquidations
Having posted a significantly better performance in September contrary to expectation with a spike to $66k, BTC retreated sharply to pull most altcoins lower. With Ethereum (ETH) also dumping to under $2.6k amid latest selling from the Ethereum Foundation, total longs rekt soared to $164 million.
Shorts accounted for about $37 million in 24-hour liquidations at the time of writing.
Crypto liquidation represents the process by which a trader’s position is forcibly closed when their margin account no longer supports an open position. This happens when a trader suffers substantial losses or has insufficient margin to keep the position open.
According to Coinglass data, over 68,900 traders have had their positions liquidated in the past 24 hours. The largest single order to be liquidated happened on the crypto exchange OKX in the ETH-USD-SWAP, at a value $1.92 million.
BTC bounce: Uptober is here
Despite the decline in BTC price, bulls are likely to strengthen in coming weeks.
The upbeat mood may be down to the fact that with hours to go, September looks poised to end with BTC up more than 7%. That’s barring a sharp meltdown – not entirely new to the market. Still, analysts are bullish.
As crypto analyst Kaleo points out in the X post below, October and November have historically been ultra-positive for Bitcoin. If the trend continues, BTC will bounce hard in the coming months.
Here’s a visual representation of Bitcoin’s seasonality over the past 13 years.
October is both tied for the second highest month that BTC sees positive returns, and on average provides the second highest mean change % (blue lines). The only month with a higher… pic.twitter.com/RZ9g0VvcH5
— K A L E O (@CryptoKaleo) September 30, 2024
Earlier on Monday, digital asset manager CoinShares published its weekly report. It showed crypto investment products registered a third consecutive week of inflows amid recent upside on interest rates cut. Bitcoin topped $1 billion as Ethereum broke a five-week streak of negative flows.
BTC price hovered near $63,405 at the time of writing.