Nearly $600 Million in Crypto Longs Liquidated as Bitcoin and Ethereum Fall to August Lows

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Crypto traders betting on higher prices lost $599 million over the past 24 hours. The wipeout came as Bitcoin (BTC) and Ethereum (ETH) slid to their lowest levels in nearly three months.

Longs made up 88% of $680.81 million in total crypto liquidations, Coinglass data shows. Friday's US producer price data could now decide whether bets on a half-point Fed rate hike grow.

Bitcoin positions accounted for $325.28 million of the total, with longs making up 95.3%. Ethereum followed at $106.07 million, where 89.7% came from long bets.

In all, 112,947 traders were liquidated. The largest single order was a $31.09 million Bitcoin long on Hyperliquid, closed at $72,250.

Leverage on stock-linked contracts unwound too. Nvidia-tracking perpetuals saw about $39.67 million in liquidations following Jensen Huang's exit from Nvidia.

Those forced sales hit as both majors slid to their lowest levels since August.

The Bitcoin price traded at $70,834, per BeInCrypto Markets data. This marked the cryptocurrency's lowest level since August 20. It fell 3.79% over 24 hours and 6.53% over the past week.

Ethereum dropped 2.10% over 24 hours to $2,007.04. Its loss over the past week reached 10.11%, taking it to its lowest level since mid-August. The total crypto market cap was down 5.09% over 24 hours to $2.42 trillion.

Bitcoin lost its 200-day moving average of $73,137 on Thursday, BeInCrypto's analysis of the breakdown showed. If it fails to reclaim that average, the next supports sit at $68,000 and $67,000.

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