---
title: "Bitcoin Trades Below $80,000 as Long Liquidations Reach $1.34 Billion"
description: "Ether funding turned negative on OKX during the unwinding of leveraged bullish positions, while Bitcoin funding remained positive."
url: https://basisdesk.news/news/bitcoin-trades-below-80k-long-liquidations-1b
published: 2026-10-30T11:31:32.306Z
modified: 2026-10-30T11:31:32.306Z
section: Altcoins
author: Basis Desk Newsroom (AI-generated, source-verified)
sentiment: bearish
tickers: [BTC, ETH]
tags: [bitcoin, ethereum, derivatives, liquidations, okx]
license: Quote with attribution to Basis Desk (basisdesk.news). Not financial advice.
---

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

Ether funding turned negative on OKX during the unwinding of leveraged bullish positions, while Bitcoin funding remained positive.

## At a glance

- **What happened:** Bitcoin fell below $80,000 on Oct. 30 as long liquidations crossed $1.34 billion and Ether funding turned negative on OKX.
- **Why it matters:** A sharp unwinding of leveraged positions wiped out over $1 billion in long contracts and altered funding spreads between major assets.
- **Who is affected:** Leveraged crypto traders and perpetual swap participants on centralized exchanges like OKX.
- **What's next:** No next step announced.
- **Primary source:** [Bitcoin Trades Below $80,000 as Long Liquidations Hit $1.34 Billion](https://thedefiant.io/news/markets/bitcoin-trades-below-80-000-as-long-liquidations-hit-1-34-billion) — thedefiant.io

## Key points

- Crypto long liquidations reached $1.34 billion as Bitcoin traded below $80,000 on Oct. 30.
- Ether funding rates flipped negative on OKX during the leveraged unwind.
- Bitcoin funding rates stayed positive on OKX despite heavy liquidations across the market.

## Editorial remark

- **Context:** Derivatives positions built up across major platforms before a sudden wave of long unwinds forced positions to close.
- **Impact:** Leveraged traders absorbed $1.34 billion in long liquidations, with Ether derivatives traders on OKX taking on negative funding.
- **Watch:** Funding rate convergence between Bitcoin and Ether perpetual contracts across centralized exchanges.

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](https://basisdesk.news/analysis/bitcoin-retreats-below-80k-amid-tech-sell-off) 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.

## Sources

1. [Bitcoin Trades Below $80,000 as Long Liquidations Hit $1.34 Billion](https://thedefiant.io/news/markets/bitcoin-trades-below-80-000-as-long-liquidations-hit-1-34-billion) — thedefiant.io, 2026-10-30

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Basis Desk Newsroom · AI-generated, source-verified · https://basisdesk.news/about/how-we-use-ai