Over $1 billion in bullish crypto bets liquidated as bitcoin falls 5.2%
Bitcoin falls while bullish bets are wiped out
Bitcoin fell about 5.2% over the past 24 hours and was trading around $76,100 at the time of the report. More than $1.27 billion in crypto derivatives positions were liquidated in the same period. Liquidation means a trader's position is closed by a platform when losses become too large.
The broader CoinDesk 20 index fell 6.17% over 24 hours. The source links the pressure to a wider fall in risk appetite and losses in technology shares.
Key numbers from the past 24 hours
- Bitcoin: down about 5.2% in 24 hours, trading around $76,100.
- CoinDesk 20 index: down 6.17% in 24 hours.
- Crypto liquidations: more than $1.27 billion in total, including more than $1.1 billion in bullish bets.
- Spot bitcoin ETFs: $430.2 million in net outflows on Thursday. An ETF is a fund traded on a stock exchange that tracks an asset.
- Nasdaq: down 5.5% on Thursday, its worst session since April 2025 according to the source.
- South Korea's Kospi: down as much as 8.8% in Asia, which triggered a 20-minute trading halt.
What analysts in the source say
Carlos Guzman, vice president of research at GSR, described the move as "a pullback in risk appetite amplified by leverage." Leverage means using borrowed money to increase a position, which can lead to larger losses when prices move against the trader.
Bitfinex analysts had warned earlier this week that "sustaining this bounce requires actual spot demand." The source reports that spot bitcoin ETFs recorded net outflows on Thursday, so institutional demand was not filling the gap.
Why the source links the fall to the AI trade
The source says pressure from the AI trade weighed on prices. It also says investors worry that stronger opposition to data-center construction after Democrats took control of both chambers of Congress could slow the AI buildout. That concern weighs on bitcoin miners, many of which have pivoted to AI computing, according to the source.
What happens next with US jobs data
Attention now turns to the October jobs report due today. Economists expect 59,000 to 65,000 new jobs, up from September's 29,000. The source says markets are pricing roughly a 70% chance of a December Fed hike, so a strong jobs number could add to the pressure.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.