A sharp crypto selloff around October 9, 2026 triggered more than $1 billion in leveraged liquidations in 24 hours, with Ethereum posting the largest single-asset losses, near $356 million, and Bitcoin sliding below $81,000, according to figures reported by Decrypt, Benzinga and data trackers. Long positions absorbed the overwhelming majority of the losses.
What happened in the selloff?
Crypto majors slid together in early October, a reversal of the usual seasonal optimism that Decrypt captured in a report headlined on Uptober turning sour as crypto majors slide. The downturn culminated in a leveraged flush around October 9, when a wave of forced selling pushed Bitcoin below $81,000, with one widely cited low near $80,393. Benzinga described the session as the second-largest liquidation day of October, reflecting how concentrated the damage was in leveraged derivatives rather than spot markets alone. The move was notable because it interrupted what is historically a bullish season for crypto, nicknamed Uptober, and prompted some commentators to invoke the memory of the far larger October 2025 crash, even though this event was an order of magnitude smaller.
How much was liquidated, and why do the totals differ?
Estimates of the 24-hour liquidation total ranged from roughly $1.08 billion to about $1.19 billion across trackers, with figures attributed to data aggregators including COINOTAG and CoinDesk-cited sources. Notably, the totals diverged sharply by provider: OneBullex reported that Coinglass showed a far smaller tally of about $91.63 million for one dated snapshot while other trackers pointed to roughly $1.19 billion, a gap it attributed to differences in how Coinglass, Bybit and Binance aggregate and timestamp their liquidation feeds. Across the sources, long positions made up about $1.05 billion of the total, or roughly nine of every ten dollars liquidated. Individual single-asset figures also varied: one tracker put Ether liquidations at about $344.13 million and Bitcoin at $263.40 million, close to but not identical with the CoinDesk-cited readings, which illustrates why precise totals should be treated as approximate rather than exact.
Why did Ethereum lead the losses?
Ethereum recorded the largest single-asset liquidation losses of the episode. Figures reported via CoinDesk-cited data put ETH liquidations at approximately $356 million, surpassing Bitcoin’s roughly $298 million, and estimated that ETH’s liquidation rate relative to its market capitalization was about six times Bitcoin’s. That concentration reflects how heavily leveraged long Ether positioning had become heading into October, leaving ETH traders more exposed when prices turned. Ether had already weakened before the flush; a Fortune-sourced summary put ETH around $2,725 on October 5, 2026.
What drove the sell pressure?
Reporting pointed to a mix of macro and policy anxieties rather than a single catalyst. Coverage aggregated via CoinDesk cited concerns over interest rates, geopolitical tensions and warnings about artificial intelligence valuations. On rates, one analysis noted CME FedWatch pricing showed an 80.6% chance the Federal Reserve holds at 3.75% to 4.00% at its late-October meeting, while the 30-year Treasury yield touched 5.70%, its highest since 2002. Bitcoin later rebounded toward about $82,200 after US President Donald Trump ruled out an attack on Iran before the midterm elections, according to the same reporting, which added that roughly $25 million in further liquidations, mostly of bearish positions, followed within about four hours of the rebound. The episode fit a broader early-October risk-off mood that also showed up in equities and bond yields.
How does this connect to ETF flows?
The leverage flush came during the same stretch in which US spot Ethereum ETFs were posting sustained outflows, led by BlackRock’s ETHA. Decrypt reported that Ether funds had bled money for multiple consecutive sessions in early October, removing a source of spot demand even as derivatives traders were forced out of long positions. The two dynamics, institutional ETF redemptions and leveraged retail liquidations, compounded the downward pressure on price during the first half of the month. Decrypt’s reporting on the same stretch also noted BlackRock’s ETHA among the funds posting the largest Ether ETF outflows, tying the spot and derivatives weakness together into a single early-October drawdown story for Ethereum.
What are observers watching next?
Analysts quoted across the coverage emphasized how thin liquidity can amplify forced selling in leveraged crypto markets, a pattern seen in prior October routs. The immediate focus is whether spot prices stabilize once the leverage is cleared and whether ETF flows turn, but the diverging liquidation tallies are a reminder to treat any single figure with caution. This article is informational and does not contain price predictions or trading advice. For live liquidation and flow data, market participants typically watch Coinglass, SoSoValue and Farside, which the cited outlets reference. A large liquidation event can also reset leverage across the market by flushing out crowded positions, which some analysts argue leaves derivatives markets on firmer footing afterward, though that is a view rather than a settled outcome. The key uncertainties flagged in the coverage were the path of US interest rates, geopolitical headlines, and whether spot buyers, including ETFs, step back in once forced selling subsides.
Sources
Decrypt – Morning Minute: Uptober Turns Sour as Crypto Majors Slide
Benzinga – Crypto Bulls Face Second-Largest Liquidation Day in October as Bitcoin Dips
OneBullex – Coinglass Puts Oct. 10 Crypto Liquidations At $91.63M, Other Trackers See $1.19B
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Disclaimer: The content on this page is for informational purposes only and does not constitute financial advice. Always do your own research before making investment decisions.
Sarah Williams is STnews's Blockchain Editor, leading coverage of blockchain technology, DeFi investigations, exchange analysis and crypto regulation. Her reporting adheres to STnews's editorial standards — primary-sourced, cited, and non-advisory.
Conflicts of interest
I hold no positions in any cryptocurrency mentioned in my coverage. All investment-related content is reviewed by senior editors before publication. I am not compensated by any project I cover.
