Key Takeaways
- • Roughly $117 million in crypto long positions were liquidated over a 24-hour window, according to figures circulating on X, with broader futures data putting total liquidations at $117 million to $133 million for October 25 to 26, 2026.
- • Long positions accounted for about 70% to 80% of liquidations, or roughly $80 million to $106 million in forced closures of bullish bets.
- • Binance handled roughly 50% to 66% of total liquidation volume, around $73 million or more by some counts, with Bybit and Gate also seeing meaningful activity.
- • Ethereum led losses with $39 million to $54 million in liquidated ETH positions, ahead of Bitcoin at $22 million to $32 million; the largest single liquidation was an estimated $7 million ETH long on Binance.
- • No exchange failure, regulatory action, or hack was identified as the trigger, which the article attributes to leveraged positioning coinciding with minor price declines.
Summary
Crypto traders holding bullish leveraged positions suffered heavy losses over a 24-hour period in late October 2026. Roughly $117 million in long positions were liquidated across the market, according to figures circulating on X. Broader futures data covering October 25 to 26, 2026, placed total liquidations, long and short combined, between $117 million and $133 million, with longs making up about 70% to 80% of that total, or approximately $80 million to $106 million, depending on the tally used.
Most of the forced closures occurred in perpetual futures, derivative contracts without an expiry date that allow traders to hold leveraged positions for as long as they can sustain them. Binance processed the largest share, accounting for roughly 50% to 66% of total liquidation volume, or $73 million or more by some counts. Bybit and Gate also recorded meaningful activity. The distribution across several venues suggests a market-wide deleveraging rather than a problem at any single platform.
Ethereum led the losses, with liquidated ETH positions ranging from $39 million to $54 million. Bitcoin followed with $22 million to $32 million in BTC positions wiped out, while Solana and other altcoins contributed smaller amounts. The single largest liquidation was an estimated $7 million ETH long on Binance.
The article attributes the liquidations to leverage rather than a discrete catalyst. The moves coincided with minor price declines, and there was no exchange collapse, regulatory development, or hack. No entity has been identified as responsible for the elevated totals. The heavy skew toward longs suggests many traders were positioned for upside with limited capacity to absorb a pullback.
The article notes that liquidation spikes of this kind are common in volatile digital asset markets, and that the October 25 to 26 figures were well below prior episodes that reached hundreds of millions of dollars or crossed the billion-dollar mark during major market moves. It also highlights concentration risk, as Binance handled between half and two-thirds of liquidation volume, and aggressive leveraged ETH positioning, given that Ethereum saw more liquidated volume than Bitcoin.
Most of the forced closures occurred in perpetual futures, derivative contracts without an expiry date that allow traders to hold leveraged positions for as long as they can sustain them. Binance processed the largest share, accounting for roughly 50% to 66% of total liquidation volume, or $73 million or more by some counts. Bybit and Gate also recorded meaningful activity. The distribution across several venues suggests a market-wide deleveraging rather than a problem at any single platform.
Ethereum led the losses, with liquidated ETH positions ranging from $39 million to $54 million. Bitcoin followed with $22 million to $32 million in BTC positions wiped out, while Solana and other altcoins contributed smaller amounts. The single largest liquidation was an estimated $7 million ETH long on Binance.
The article attributes the liquidations to leverage rather than a discrete catalyst. The moves coincided with minor price declines, and there was no exchange collapse, regulatory development, or hack. No entity has been identified as responsible for the elevated totals. The heavy skew toward longs suggests many traders were positioned for upside with limited capacity to absorb a pullback.
The article notes that liquidation spikes of this kind are common in volatile digital asset markets, and that the October 25 to 26 figures were well below prior episodes that reached hundreds of millions of dollars or crossed the billion-dollar mark during major market moves. It also highlights concentration risk, as Binance handled between half and two-thirds of liquidation volume, and aggressive leveraged ETH positioning, given that Ethereum saw more liquidated volume than Bitcoin.
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