$627.7 Million in Crypto Liquidations in One Hour as Ether Falls Below $2,240
Key Facts
Crypto liquidations totaled $627.7 million in one hour on the evening of October 29, including $606.6 million in positions betting on higher prices, according to CoinGlass data cited by BeInCrypto. Bitcoin fell below $79,000 and Ether below $2,240 during the liquidation wave, hitting the two largest digital currencies at the same time. BeInCrypto linked the assets’ moves to traders’ concerns after an unexplained $2 billion transfer from Binance hot wallets. Binance did not confirm that the transfer was a theft, the outlet reported. This places Ether’s move within a broader market wave, without establishing that liquidations of its positions caused the price decline.
BeInCrypto said the nature of the $2 billion transfer remained unresolved, as Binance had not confirmed a theft. The outlet reported that traders’ concerns about the transfer were linked to the decline in crypto assets, while the article provided no evidence that the liquidation wave caused the drop. During the hour of liquidations, the value of closed positions exceeded $627.7 million, most of them bullish bets totaling $606.6 million. These figures show the breadth of pressure on bullish positions across the market, but do not by themselves identify the reasons for traders’ decisions. Ether’s level below $2,240 also describes its move during the wave, not its daily close.
An earlier wave on October 24 saw $436.44 million in positions liquidated over four hours through 1 p.m. ET, including $404.15 million in long positions, according to The Block. Over the same period, Ether liquidations totaled $136.72 million, compared with $158.45 million for Bitcoin. Long positions accounted for 92.7% of Ether liquidations covered by the report. These figures provide a comparison with an earlier period that also saw liquidations concentrated in positions betting on gains. But they relate to October 24 and a four-hour period, so they are not a measure of the one-hour wave recorded on the evening of October 29.
On fund demand, spot Ether funds recorded net inflows of $4.35 million on Friday, according to The Block. However, that day’s inflows did not offset outflows recorded earlier in the week, leaving the week with net outflows of $220.60 million. These data offer a weekly view distinct from Ether’s price move during the liquidation hour, measuring net money flowing into and out of the funds. One day of inflows does not mean the weekly total turned positive. Nor do fund figures alone establish a causal link with Ether’s move in spot or derivatives markets.
In Investing.com’s daily price record, Ether was at $2,359.71 on October 28, then $2,316.76 on October 29, with a recorded daily change of -1.82% on the latter day. The record puts the October 29 price below the previous day’s level, alongside a recorded daily low of $2,294.68. Over a longer span, Ether was at $2,387.41 on October 23, with a daily change of -0.08% for that date. This comparison provides daily data points separate from Ether’s fall below $2,240 during the liquidation wave, as the latter refers to movement during the wave rather than the price recorded in the daily record. The figures show a price decline between the two recorded dates, while the immediate move’s explanation remained tied to concerns over the unexplained transfer cited in coverage.