Bitcoin’s $83K Close Triggers Massive Short Liquidations
- Bitcoin closed the week of Oct. 11 at $83,773, down by 3.2% from the previous week.
- Approximately $140 million in shorts were liquidated as Bitcoin confirmed a weekly close above $83,000.
- U.S. spot bitcoin ETFs saw net outflows of $681 million from Oct. 5 to Oct. 9, ending a three-week inflow streak.
- Kook Capital data indicated that out of $26.34 million in BTC liquidations, a significant majority (93.3%) were shorts.
- Ethereum shorts faced worse outcomes with $29.5 million in liquidations, with shorts making up about 80.9%.
The recent price action saw Bitcoin recover from a low of around $80,393 to close above the critical $83,000 level, leading to substantial short position liquidations across the market.
This movement highlights the volatility and leverage within the cryptocurrency market as traders adjust their positions based on significant price levels like Bitcoin’s recent close above $83K.
