Bitcoin fell below $80,000 on Saturday, October 24, in a sharp sell-off that swept through the wider crypto market and wiped out hundreds of millions of dollars in leveraged bets. It was the lowest print for the world’s largest cryptocurrency in about a month, and it came as traders who had bet on higher prices were forced out of their positions in a matter of hours.
According to market data reported by CoinScreamer, Bitcoin dropped to $79,107 during the 15:00 UTC hour on October 24. Ether fell to $2,275.94, Solana to $98.51 and XRP to $1.2530 in the same turbulent stretch. By a later snapshot at 20:31 UTC, Bitcoin had clawed back above the threshold to $80,429.40 and Solana to $101.36, while Ether at $2,341.18 and XRP at $1.2900 were still below their own key levels. The rebound matters: this was a violent flush, not a one-way collapse β at least not yet.
$725 million liquidated, mostly longs
The human cost of the move shows up in the liquidation figures. CoinGlass data cited in the report put rolling 24-hour liquidations at about $725.64 million as of 20:28 UTC, with long positions accounting for roughly $641.49 million, or 88.4 percent, against about $84.14 million in shorts. In plain terms, traders betting on rising prices took almost all of the damage.
The selling was even more concentrated at its peak. The Block reported $436.44 million in liquidations in the four hours ending at 17:00 UTC, including $404.15 million in longs, citing CoinGlass. A liquidation is the forced closure of a leveraged position when its collateral can no longer support it. These figures measure positions closed, not money stolen or withdrawn from spot exchanges β a distinction worth keeping in mind when the headline numbers look dramatic.
Later, as prices bounced, the pattern flipped in miniature: the most recent four-hour window showed $30.13 million in liquidations, with shorts accounting for $27.78 million. That is how a rebound punishes traders who piled in betting on further falls, after the decline had already flushed out leveraged buyers. The rolling windows overlap and should not be added together.
Altcoins fell harder
Bitcoin’s drop grabbed the headlines, but the pain was broader. Ether was down 2.40 percent in the snapshot, Solana down 2.34 percent and XRP down 1.27 percent, with Bitcoin itself down 1.08 percent. Solana’s fall below $100 was psychologically important for a coin that had become a favourite of momentum traders, and XRP was already below $1.30 at the start of the UTC day and stayed there throughout the period checked.
It is also worth noting that these are Coinbase prices, not a claim that every exchange printed an identical low. Prices vary slightly between venues, and the hourly data do not identify the precise minute of each trade. What is clear across venues, though, is the direction: a broad, fast sell-off, followed by a partial recovery.
ETF outflows set the backdrop
The sell-off did not arrive out of nowhere. The Block’s report also cited SoSoValue data showing US spot Bitcoin ETF outflows of $635.49 million on Thursday and $137.94 million on Friday. Those withdrawals followed three positive sessions, leaving the full week with $304.73 million in net inflows. The completed US trading-session figures should not be presented as ETF money leaving during Saturday’s sell-off itself, but they show institutional appetite cooling just before the weekend drop.
That cooling fits a wider mood. Earlier in the week, Wall Street had already been rattled by AI-spending fears and a sharp rise in oil prices, and risk appetite across stocks, bonds and crypto was fragile. When leveraged crypto traders are heavily positioned for upside in that kind of environment, a modest spot decline can cascade into a much larger liquidation event β which is exactly what happened on Saturday.
One investor steps aside
Earlier on Saturday, trader Arthur Hayes said his firm Maelstrom had closed its directional trading portfolio and taken profits on Ether, ENA, UNI and other tokens, citing macroeconomic and geopolitical risks and a decision to wait for clearer conditions. His disclosure describes one investor’s positioning. It does not establish that his sales caused the wider market move, or that he sold every asset held by himself or Maelstrom.
Bitcoin has tested this level before: it also broke $80,000 and recovered during the separate October 15 session. Saturday brought another test of that threshold, with the latest prices showing a partial recovery rather than an uninterrupted decline. Whether $80,000 holds as support or gives way again will depend on what happens next in spot demand, ETF flows and the broader risk mood β not on any single liquidation print.
What to watch next
Three things will decide whether this was a washout or the start of something deeper. First, whether Bitcoin can hold above $80,000 on a daily close, rather than just intraday bounces. Second, whether ETF flows turn back positive after two days of outflows, which would signal institutional buyers stepping back in. And third, whether leveraged positioning rebuilds quickly β a fast rebuild would leave the market vulnerable to another flush, while a slower, steadier recovery would be healthier.
For now, the message from Saturday is simple: leverage cuts both ways, and in crypto it cuts fast. Traders who borrowed to bet on higher prices paid $725 million for that lesson in a single day.
This article is for informational purposes only and is not investment, financial, legal or tax advice. Prices cited are Coinbase snapshots reported on October 24, 2026, and will have moved since.