Bitcoin ETF

Bitcoin

Crypto bulls who bet the market would continue to rise saw the second-biggest day of liquidations in October, with the market steadying after Bitcoin’s drop pulled down the price of major cryptocurrencies.
Total crypto liquidations reached $261 million on Oct. 23, with over $203.5 million coming from <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/crypto-derivatives" rel="null" target="null" text="null" title="null">long bets</a> — second only to the $450.8 million worth of crypto longs liquidated on Oct. 1 when Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null" title="null">BTC</a>) dropped by around 5%, CoinGlass <a data-ct-non-breakable="null" href="https://www.coinglass.com/LiquidationData" rel="null" target="null" text="null" title="null">data</a> shows.
Ether (<a data-ct-non-breakable="null" href="https://cointelegraph.com/ethereum-price" rel="null" target="null" text="null" title="null">ETH</a>) long bets had their biggest liquidation day, with over $77 million nixed over the last 24 hours, followed by around $58.3 million in Bitcoin call options.
The liquidations come as some traders were optimistic Bitcoin could continue to rise as its price <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-stalls-below-70k-despite-20-b-etf-milestone" rel="null" target="null" text="null" title="null">neared $70,000</a> on Oct. 21 — its highest in three months — but it <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-price-stuck-under-67k-rising-retail-institutional-demand" rel="null" target="null" text="null" title="null">failed to sustain momentum</a> and fell to a low of $65,500 on Oct. 23 before recovering to $67,386, up 0.5% over 24 hours.
<figure>
 <img alt="Bitcoin Price, Bitcoin Options, Ethereum Options, Ether Price" src="https://s3.cointelegraph.com/uploads/2024-10/0192bd15-0ce5-7fdc-acb8-d216859eb541" title="">
 <figcaption style="text-align: center;">
 Crypto liquidations over the past 24 hours show altcoin (others) call options among the biggest liquidations. Source: CoinGlass
 </figcaption>
</figure>
Meanwhile, ETH posted the biggest loss out of the top 10 cryptocurrencies, down 1.7% on the day to $2,552, falling from a 24-hour high of $2,620. It had climbed to a two-month high of $2,750 on Oct. 21 before dropping.
Onchain data shows Ethereum’s high transaction fees <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/surprise-eth-price-drop-below-2500-raises-questions-about-ethereum-fundamentals" rel="null" target="null" text="null" title="null">are disincentivizing activity</a> on the blockchain, which reduces the demand for ETH staking and could be damping investor optimism.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-200k-end-2025-bernstein-forecast" rel="null" target="null" text="null" title="null">Bitcoin forecast to hit $200K by end of 2025: Bernstein</a>
Bitcoin’s rollercoaster day seemingly didn’t put off institutional investors, with the 11 United States-based <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/different-types-of-etfs" rel="null" target="null" text="null" title="null">spot</a> BTC exchange-traded funds (ETFs) again seeing a joint net inflow on Oct. 23, <a data-ct-non-breakable="null" href="https://www.coinglass.com/bitcoin-etf" rel="null" target="null" text="null" title="null">per</a> CoinGlass.
Together, the funds saw $198.5 million in net inflows, carried by a $323.6 million inflow to BlackRock’s iShares Bitcoin Trust ETF but doused by a $99 million and $25.2 million in outflows from the ARK 21Shares Bitcoin ETF and the Bitwise Bitcoin ETF, respectively.
The US Bitcoin ETFs saw a seven-trading day inflow streak from Oct. 11 to Oct. 21, where nearly $2.7 billion was added to the funds — but <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-etf-79m-outflow-ends-2-week-bull-run-btc-price" rel="null" target="null" text="null" title="null">an $87.9 million net outflow</a> on Oct. 22 broke it.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/ethereum-defi-cryptocurrency-tokens-narrative-bull-market-michael-van-de-poppe-cointelegraph-magazine/" rel="null" target="null" text="null" title="null">DeFi and Ethereum are the ‘new narrative’: Michaël van de Poppe, X Hall of Flame</a>

Crypto bulls endure second-biggest liquidation day in October

Cointelegraph

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