Crypto markets saw heavy forced selling on October 15 as bitcoin, ether and XRP slid and leveraged traders were wiped out. CoinDesk, citing CoinGlass data, reported that nearly $1 billion in crypto bets were liquidated over 24 hours, with about $483 million in bitcoin and ether futures alone: roughly $286 million in ether and $197 million in bitcoin. Solana futures saw about $31 million in liquidations and Zcash contracts nearly $19 million. CoinDesk does not itemise the full gap to its headline figure, while Crypto Times put total liquidations at $900 million to nearly $1 billion, mostly long positions.
Prices fell sharply. Bitcoin dropped about 3% to around $81,000, while ether lost more than 6% to roughly $2,350. XRP fell about 5%, Solana about 5.5%, Dogecoin about 6% and Zcash about 13%. CoinDesk linked the weakness to uncertainty over the Federal Reserve’s next interest-rate decision, with forced closures adding to the selling pressure.
Open interest remained large, at about $52 billion in bitcoin contracts and $30 billion in ether contracts. Leverage magnifies moves in both directions: a trader controlling a $10,000 position with $1,000 can be liquidated by a move of less than 10% against them. Prices later recovered, with funding rates staying contained and open interest moderating, according to Crypto Times. This is not financial advice.
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Sources:
- CoinDesk: Nearly $1 billion in crypto bets liquidated as bitcoin, ether and XRP slide
- Crypto Times: Bitcoin and Ethereum recover after inflation-driven dip
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