Bitcoin Plunges Below $82,000 as $406 Million in Leveraged Long Bets Wiped Out in 24 Hours

Bitcoin broke below $82,000 on October 12, triggering a wave of forced liquidations that wiped out more than 118,000 leveraged traders within a 24-hour period. Over $123 million was liquidated in a single hour, with long positions accounting for $119.78 million of that total, reflecting how aggressively traders had been positioned for further upside before the move reversed.

Ethereum fell alongside Bitcoin, dropping below $2,500 in the same window. Total liquidations over the 24-hour period reached $406 million, underscoring the breadth of the selloff across the broader crypto market. The rapid unwinding of long positions highlights the compounding effect of leveraged trading during sharp price declines, as forced sell orders accelerate downward momentum and push prices further against remaining holders.