Crypto market sees $1.05 billion in liquidations over 24 hours, Bitcoin falls to 11-week low

Crypto liquidations totaled $1.05 billion over the past 24 hours, with long positions accounting for $930.04 million, or 88.2%, and short liquidations at $124.69 million, according to CoinGlass data cited by Decrypt. Bitcoin fell to an intraday low of $74,780.91, its weakest level since August 21, before recovering to about $75,570. Bitcoin-related positions accounted for $267.2 million in liquidations, while Ethereum-related positions saw $167.14 million. The lopsided long wipeout underscores how heavily leveraged bullish positioning had built up before the drop. Traders will watch whether bitcoin can hold above the $75,000 area and whether funding and open interest reset enough to curb further cascading liquidations.