Bitcoin Liquidations Surge to $15 Million in One Hour

Bitcoin experienced a wave of liquidations totaling $15 million across three major exchanges in a single hour. The liquidations, which occurred between 9:57 p.m. ET on Oct. 6 and 01:57 UTC on Oct. 7, primarily affected long positions, with short positions seeing no liquidations.

The data, aggregated by TokenPost from Binance, Bybit, and OKX, showed long liquidations reaching $14.99 million. This figure represents the total liquidations for the hour, though it does not account for the entire market.

During the same period, Bitcoin’s price dropped from $85,520 to $84,809, a decline of 0.83%. Liquidations happen when exchanges forcefully close leveraged positions that fail to meet margin requirements, often triggered by sudden price movements.