Bitcoin traded around $81,600 as positions worth $330.95 million were liquidated across the derivatives markets tracked by CoinGlass over 24 hours. Long positions accounted for 82.8% of the total. The roughly $418 million in long liquidations reported the previous evening refers to a different rolling window.
Bitcoin remained near $81,000 on October 23 after the previous day’s sharp price swings. CoinGlass’s liquidation dashboard showed a 24-hour total of $330.95 million when read at 12:07 UTC. The same page quoted Bitcoin at $81,627 and Ethereum at $2,398.99 at the time of the reading.
Long liquidations totaled $274.02 million, compared with $56.93 million for shorts. Traders use long positions to seek gains from rising prices and shorts to seek gains from falling prices. CoinGlass put the long share at 82.8% and reported 82,069 traders liquidated. The platform’s trader count has not been independently checked against a count of individual people.
What the $331 million covers
The dashboard’s “All coins” view includes more than Bitcoin contracts. Alongside Ethereum and other crypto assets, it lists contracts linked to gold, silver and exchange-traded products, including XAU, XAG and SOXL. The largest observed order in the same 24-hour summary was a $4.34 million XYZ:SOXL-USD long liquidation on Hyperliquid. Binance’s share of total liquidations was shown as 45.4%.
| Rolling window | Total | Long | Short |
|---|---|---|---|
| 1 hour | 2.13 | 0.56133 | 1.57 |
| 4 hours | 17.07 | 9.78 | 7.30 |
| 12 hours | 82.67 | 51.02 | 31.65 |
| 24 hours | 330.95 | 274.02 | 56.93 |
The windows overlap: the four-hour amount must not be added to the 24-hour total. CoinGlass cards can refresh at different intervals and display rounded figures. For example, the four-hour long and short amounts sum to $0.01 million more than the displayed total. The table therefore records the summary cards read at one observation time, without mixing in figures from other dashboard sections.
The Crypto Times’ account of the October 22 snapshot at 17:15 UTC put CoinGlass liquidations at $458.05 million: $417.93 million in longs and $40.11 million in shorts. Longs represented 91.2%, more than 103,000 traders were liquidated, and Binance had a 43.5% share. Each 24-hour total looks back from the observation time. Older trades drop out as newer trades enter the window; positions closed the previous day have not thereby reopened.
The evening report listed $140.62 million in Bitcoin liquidations, 96.6% long, and $93.12 million in Ethereum liquidations, 91.6% long. Zcash accounted for $12.44 million, Solana $11.29 million and XRP $7.47 million. Its largest order was an $11.78 million BTCUSDT long on Binance, closed around $83,526.24. Four-hour long liquidations of $153.58 million and 12-hour longs of $278.37 million belong to that earlier snapshot as well.
Crypto Economy’s report on the same sell-off quoted Bitcoin at $81,018.49, down 4.26% over 24 hours, and Ethereum at $2,374.45, down 5.53%. The quotations are dated October 22, when the report put total crypto market capitalization at $2.71 trillion, down 2.26%.
Why a position closes when collateral runs short
Crypto exchanges require minimum collateral to keep leveraged positions open. Losses from an adverse price move reduce the margin supporting a position. If it falls below the maintenance requirement, the platform can forcibly close part or all of the position. Liquidation data measures the value of closed contracts; it does not disclose each trader’s starting collateral or net loss.
Binance Futures uses mark price, rather than the last traded price, to decide when to liquidate a position. It calculates that reference price from funding data and prices on several spot markets; liquidation begins when collateral falls below maintenance margin. Cross mode shares collateral, while isolated mode assigns it to a particular position. Binance says that, in hedge mode, long and short positions in the same symbol share a liquidation price under cross margin; under isolated margin, their separately allocated collateral produces two different liquidation prices.
Binance cancels all of a trader’s open orders in cross mode, or the orders in the same token in isolated mode. It then attempts to reduce the margin shortfall with an immediate-or-cancel order: the available portion fills and the rest is canceled. Liquidation stops if enough collateral remains after realized losses and the liquidation clearance fee. The fee is calculated on the contract’s notional value, with an exception for positions classified as bankrupt after liquidation.
If the remaining position cannot be closed, or its balance falls below zero after closure, Binance uses the Futures Insurance Fund to cover losses as far as possible. If the fund cannot cover them, automatic deleveraging can close some positions on the opposite side as well. The exchange does not guarantee timely delivery of margin-call or liquidation notices. Its explanation is educational; the current legal terms for the account and contract still apply.
The 0:59 section of CoinGecko’s June 2, 2025 video explains how liquidation differs from a trader’s stop-loss order. The roughly four-minute-21-second recording explains the mechanism; the current liquidation figures come from the CoinGlass dashboard and the dated reports.
ETF outflows are separate from liquidations
Farside’s U.S. Bitcoin ETF table shows $524.8 million in net inflows on October 21, followed by $635.6 million in net outflows on October 22. In the October 22 session, net withdrawals were $254.1 million from IBIT, $217.5 million from FBTC, $109.4 million from ARKB, $29.5 million from GBTC and $27.4 million from BITB. MSBT received $2.3 million, while the other six funds showed zero flows.
Subtracting MSBT’s $2.3 million inflow from the five funds’ $637.9 million in outflows gives the $635.6 million net outflow. The Crypto Times cited SoSoValue for $528.4 million of inflows on October 21, versus Farside’s $524.8 million; the reason for the difference has not been verified. The daily comparison in this article uses only Farside’s series. October 23 data had not yet been entered when the table was read; dashes do not mean zero flows. Net fund creations and redemptions measure value transferred into or out of funds, separately from the notional amount of derivatives positions forcibly closed. Redemptions can involve cash or, under the product’s terms, Bitcoin delivered in kind, so an outflow does not establish an equally large immediate spot sale. ETF flows and liquidation totals cannot be added together, and neither alone establishes why prices fell.
A heatmap estimates levels rather than completed trades
In its October 23 post at 07:02 UTC, CoinGlass highlighted areas around $82,300 and $80,300 on a 48-hour Bitcoin liquidation heatmap. The platform’s methodology explanation says CoinGlass uses market data and leverage levels to estimate where liquidations could cluster. Its colors do not establish how many trades will occur at a price or which direction Bitcoin will take.
CoinGlass’s October 23 Bitcoin liquidation heatmap covering 48 hours
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CoinGlass aggregates completed liquidation data from public channels and official APIs of major exchanges. The company says it receives at most one update per second from Binance starting April 24, 2021 and from OKX starting September 2021. Second-level aggregation or delays can occur during sharp market moves. Those reporting limits prevent the displayed order feed from covering every market account in full.
Three different measures: Liquidations describe positions forcibly closed, ETF flows measure the net value entering or leaving funds, and heatmaps estimate potential liquidation zones. Compare the observation time, product and coverage before combining data. Heatmap concentrations do not provide a definite price target.
