Bitcoin and Ethereum extended their declines on October 22 as a wave of forced liquidations swept through cryptocurrency markets. According to CoinGlass data, total liquidations reached $458.05 million over 24 hours, with bullish long positions accounting for $417.93 million — roughly 91.2% of all forced closures — compared with just $40.11 million in short liquidations.
Bitcoin traded at $81,018.49, down 4.26%, while Ethereum fell 5.53% to $2,374.45, according to CoinMarketCap. Total crypto market capitalization declined 2.26% to $2.71 trillion. More than 103,000 traders were liquidated during the period, and Binance accounted for 43.5% of total liquidations. Bitcoin-related liquidations totaled $140.62 million, with longs representing 96.6%. Ethereum registered $93.12 million in liquidations, 91.6% of which were longs. The largest single liquidation was an $11.78 million BTCUSDT long position on Binance, executed around $83,526.24.
Other assets also faced forced closures: Zcash recorded $12.44 million in liquidations, Solana $11.29 million, and XRP $7.47 million. The rapid pace was evident in four-hour and twelve-hour windows, with long liquidations reaching $153.58 million and $278.37 million respectively.
Separately, Gate recorded $100 billion in TradFi turnover, highlighting intensifying competition between Bitcoin and Ethereum in the exchange trading landscape and prompting traders to reassess positions. This influx of activity may increase volatility and reshape institutional trading strategies, as noted by @MorenoDV_.
Despite the sell-off, U.S. spot Bitcoin ETFs attracted $528.40 million in net inflows on October 21, according to SoSoValue. BlackRock’s IBIT drew $234.99 million and Fidelity’s FBTC received $212.71 million. Spot Ethereum ETFs added $14.96 million in net inflows, offering a more constructive institutional counterpoint to the leveraged market weakness.
