Bitcoin (BTC) Longs Took 79.5% of the Latest Derivatives Liquidation Wave

$830 Million Wiped, Open Interest Unmoved

Longs took a share of the latest derivatives flush far out of proportion to the rest of the book: of the $830.07 million in positions liquidated across digital-asset derivatives markets in the 24 hours to Friday, $660.05 million came from traders betting on higher prices, or 79.5% of the total. Bitcoin (BTC) alone saw $209.46 million in liquidations, with longs making up 78.8% of that amount. The wave followed a week that turned midway. The Bitcoin (BTC) price climbed to about $84,000 on October 12, selling pressure built from October 14, and the market pushed below $80,000 intraday on October 15 before rebounding toward $82,500. Our live monitoring puts the price near $81,600 now, still under the $84,000 mark that rejected buyers earlier in the week. What stands out is what the flush did not clear. Bitcoin futures open interest, the total value of contracts not yet settled or closed, slipped just 0.14% over the same window and stood at $52.66 billion, derivatives data shows. Exchange-level flows point to fresh money arriving as old positions closed: Bybit and Gate saw open interest fall 3.55% and 4.85% respectively, while CME added 3.17% and Binance 0.92%. Funding rates, the periodic payments between perpetual traders, stayed positive but short of overheated, with annualized levels at 3.62% on Binance's Bitcoin (BTC) perpetual, 2.12% on Bybit and 1.29% on OKX. In short, the positions removed were largely replaced, and the leverage that produced Friday's losses is still in the system, which is why a second liquidation leg is being flagged if the market loses $80,000 again.

On our composite support and resistance scoring, the market sits squeezed between two strong levels. Support at $80,823.74 scored 94 out of 100, where the lower Bollinger Band, the 50-day EMA and the 0.236 Fibonacci converge, and resistance at $82,228.21 scored 90/100. Spot trades at $81,600, down 0.61% over 24 hours, so the day's range holds inside that band. Positioning leans long without being extreme: perpetual funding runs at 0.0048%, our aggregate open interest stands at $15.87 billion, and the long/short account ratio reads 1.84, or 64.7% long accounts. A daily close below the $80,824 floor would confirm the second-liquidation scenario; reclaiming $82,228 puts the $84,000 short-liquidity cluster back in play. The full map of support and resistance levels sits in our Bitcoin technical analysis.

ETF Outflows and $80,000 Put Demand

The spot side gave leveraged positioning less to lean on. US spot Bitcoin (BTC) ETFs recorded $158.7 million in net outflows between October 12 and 15, with a $175.7 million inflow on October 13 reversed by a $261.4 million outflow the next day, and cumulative net outflows since October 7 have reached $866.6 million. One visible driver inside that streak: BlackRock's IBIT alone accounted for $82.4 million of a single day's net outflow from Bitcoin ETFs. Options desks show the same defensive tilt. The busiest contracts included $80,000 puts expiring in late October alongside $74,000 and $72,000 puts, while the $84,000 call led the upside bets. The short-dated 25-delta risk reversal turned negative, so puts at the same strike are drawing stronger demand than calls. Liquidation heatmaps place short liquidity above the market at $83,000 and in the $84,000-$84,500 band, which is why a move through $84,000 could accelerate any rebound through forced short covering, while $81,500 and $80,000 below are flagged as vulnerable long zones. Analysts at Material Indicators caution that the apparent calm in volatility may be temporary and that order flow still reads clearly bearish; retaking $80,000 alone does not end the correction. The week's pivot for the wider Bitcoin market is whether $80,000 holds. Open interest drifting lower above that level, with ETF flows turning positive, would frame the drop as a clean-out of excessive longs. Rising open interest and funding alongside continued ETF outflows would mean the market is rebuilding the very leverage that just produced Friday's numbers, in which longs supplied 79.5% of the $830.07 million in liquidated positions without the contract book shrinking behind them. Until spot demand returns, from ETF buyers or from holders who HODL through drawdowns, that leverage stays the marginal price-setter.