Bitcoin Trades Below $80,000 as Long Liquidations Reach $1.34 Billion

Bitcoin traded below $80,000 as liquidations across leveraged long positions reached $1.34 billion, according to market data reported on Oct. 30 ¹. At the time of writing, $BTC changed hands at $77,549, down 3.2% over a 24-hour window, while $ETH fell 3.4% to $2,242.

The widespread closure of bullish derivatives bets triggered divergent movements across exchange funding markets ¹. Derivatives data showed that Ether funding turned negative on OKX as leveraged positions unwound ¹. In contrast, Bitcoin funding rates on the platform remained positive throughout the liquidation wave ¹.

Derivatives Unwind

The sell-off follows earlier periods in which Bitcoin retreated below $80,000 during periods of high leverage. The negative funding rate observed for Ether on OKX indicates that short positions paid long positions to maintain open trades, reflecting a sharp shift toward short-term hedging or bearish positioning during the unwinding event ¹. Meanwhile, sustained positive funding for Bitcoin suggests long traders continued paying shorts despite substantial losses across the broader derivatives complex ¹.

No formal announcements or structural protocol incidents were disclosed in connection with the derivatives unwinding ¹. Market participants continue to monitor whether perpetual swap funding rates normalize across major centralized venues.