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Bitcoin liquidation wave erases $250M in overleveraged longs

Crypto long liquidations hit $250.6 million over 24 hours as Bitcoin traded near $76,088 and open interest fell 2.7% to about $54.54 billion.

Reported · Written up by our desk · Market Structure

Bitcoin’s weekend reversal triggered a sharp liquidation of leveraged long positions, with data from CoinGlass showing $101.4 million in long positions liquidated over roughly four hours by around 07:00 UTC on Aug. 23.

Over the full 24-hour window, long liquidations totaled $250.6 million out of $339.7 million, with Bitcoin accounting for $38.7 million of the four-hour liquidations and $55.8 million across 24 hours. At the time, BTC was trading near $76,088, down about 1.8% from the prior day after earlier pushing toward $80,000.

The positioning indicators pointed more to leverage being cleared than fresh longs adding risk. CoinGlass data showed aggregate Bitcoin futures open interest around $54.54 billion, down 2.65% over 24 hours, while major perpetual funding rates stayed near the 0.01% baseline.

Binance drove much of the broader liquidation activity, accounting for $65.0 million of total crypto liquidations over four hours, including $58.6 million in longs. CryptoSlate also noted that spot Bitcoin ETF inflows continued into Friday, with a $307.5 million inflow on Aug. 21 before the creation channel closed for the weekend, leaving weekend ETF support and long liquidations intertwined, according to the outlet.

Latest closeBitcoin $81,906.63 ▼1.4%

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