Crypto Bloodbath: $1.7B Wiped Out as Bitcoin Sinks to $112K

In a dramatic 24-hour span, cryptocurrency traders faced a wave of forced liquidations totaling roughly $1.7 billion, according to data compiled by Coinglass. Nearly the entire hit—around $1.62 billion—came from long positions, underscoring how bullish bets were caught off guard by the downturn.

The pain accelerated in just four hours, when about $1.09 billion in positions were wiped out, including $1.06 billion in longs. More than 404,000 individual traders saw their holdings forcibly closed, with the largest single loss a $12.74 million BTC-USDT swap on OKX.

Liquidations occur when losses or insufficient margin force exchanges to close a trader’s position. Analysts warn that public data often undercounts the true scale of these events because of API limits and inconsistent reporting—meaning the real damage may be even higher.

The cascade came as Bitcoin slipped 2.5% to $112,890, while Ether dropped 6.2% to $4,196. With the Federal Reserve’s September rate decision offering little support, many traders fear the crypto bull run that defined much of the year could be nearing its end.