Key support levels have broken again in quick succession. Bitcoin dropped below the $80,000 mark, briefly touching $79,700 and revisiting the lows seen following reports of U.S. personnel evacuations in the Middle East. This latest wave of selling unfolded rapidly: market tracker @WatcherGuru on X reported that over $200,000,000 in crypto long positions were liquidated in just 60 minutes. The downturn was not limited to Bitcoin, hitting several major cryptocurrencies simultaneously.
Simultaneous Pressure Across Major Assets
The report from @WatcherGuru detailed that the selloff affected large-cap coins across the board at the same time. Solana (SOL) tumbled below $100, XRP slid below $1.30, and Ethereum (ETH) slipped under the $2,350 level.
The flash liquidations followed mounting pressure that had been building since earlier in the day. In an earlier event on October 24, 2026, when Bitcoin touched $79,700 amid reports of U.S. personnel evacuations, the derivatives market recorded $838 million in total liquidations. The additional $200 million-plus in liquidated long positions within the following 60-minute window highlights the relentless pressure facing futures buyers without any relief rally.
Liquidation Risk on 93,000 ETH
Derivatives market pressure also left whale accounts in vulnerable positions. On-chain analytics account @lookonchain reported that a whale wallet holding a long position of 93,184 ETH - valued at roughly $214 million - is now facing liquidation threats. The multimillion-dollar position has tiered liquidation thresholds at $2,256.45 and $2,226.53 if Ethereum’s downward trend continues.
Trader Machi (@machibigbrother) suffered a cascade of losses. On-chain tracking data from @lookonchain showed that Machi’s account was liquidated five times within an hour. The series of liquidations wiped out capital in the account, leaving a remaining balance of around $5,000.
A Buying Message from Past Cycles
Amid the selling pressure liquidating long positions, Binance founder Changpeng Zhao (CZ) shared thoughts regarding crypto market cycles. CZ remarked that every time Bitcoin was declared dead in the past, those moments actually proved to be the best time to buy.
The comment highlights a long-term perspective on Bitcoin price cycles, even as short-term price action remains under pressure. For market participants trading with leverage, these rapid moves serve as a stark reminder of cascading liquidation risks that can wipe out account balances in a short period.
Reported via @WatcherGuru on X.
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Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
