Bitcoin Plunge Causes $450M in Bullish Crypto Bets Liquidated
Futures tied to major tokens experienced over $450 million in long liquidations within 24 hours due to a bitcoin plunge, with some tokens dropping up to 8%. Bitcoin traders lost over $122 million, ether traders nearly $100 million, and altcoins over $85 million, marking the highest liquidation figures since July. Memecoin PEPE saw $10 million in liquidations. Liquidations occur when exchanges close leveraged positions due to unmet margin requirements, often indicating market extremes. The drop followed geopolitical tensions as Iran launched missiles on Israeli locations. Bitcoin fell to $60,300 before recovering above $61,500. Nearly 86% of futures bets were bullish, with traders expecting higher prices due to October's historically favorable trend for BTC.
