Bitcoin dropped below $80,000 on Saturday evening India time, touching about $79,750, its lowest level in nine days. The price move itself was modest, roughly 6% below Wednesday’s push toward $85,000. The damage was concentrated in one place: leveraged long bets.
According to CoinGlass data cited by Crypto News Flash, $645.36 million of positions were liquidated across crypto in 24 hours, and $504.53 million of that, about 78%, was traders betting on higher prices. More than a third of the day’s total, $233.13 million, hit in the single hour Bitcoin broke $80,000, with longs accounting for $219.93 million of it.
What set it off
The selling did not start on Saturday. On Friday, US President Donald Trump said “we may do another operation against Iran,” Bitcoin.com News reported, and the Dow fell 652 points as oil climbed. Bitcoin had already closed a daily candle below its 50-day moving average, near $81,784, for the first time since August.
Spot money was leaving too. US spot Bitcoin ETFs took in about $528 million on October 21, then lost roughly $636 million the next day, the biggest outflow since June, followed by another $137.94 million on Friday.
Where the leverage broke
Coinbase’s research team said the largest cluster of net long Bitcoin positions was opened around $81,993, per Crypto News Flash. That gives a useful reference point. Below is a simplified view of where a long opened at that price gets wiped out at different leverage levels. It ignores fees and maintenance margin, which in practice make liquidation arrive a little earlier.
| Leverage | Approx. liquidation price | Fall needed | In rupees (at ₹94.9/$) |
|---|---|---|---|
| 50x | $80,353 | 2% | ₹76.3 lakh |
| 25x | $78,713 | 4% | ₹74.7 lakh |
| 20x | $77,893 | 5% | ₹73.9 lakh |
| 10x | $73,794 | 10% | ₹70.0 lakh |
BtcMedia calculation. Rupee conversion uses the CoinGecko BTC/USD and BTC/INR prices at about 8:40 PM IST on October 24, an implied rate of roughly ₹94.9 per dollar.
Saturday’s low of $79,750 cleared the 50x line but stopped well short of the 25x and 20x levels. That matters because the flush may not be finished. Bitcoin futures open interest still stood at $53.58 billion early Saturday, according to CoinGlass, above the roughly $52 billion it held for much of late summer. A lot of leverage survived the drop, and much of it sits between $74,000 and $79,000 if it came from that same cluster.
BtcMedia verdict
This was a leverage event riding on a macro scare, not a change in Bitcoin’s network or adoption story. The tell is the split: 93.5% of Bitcoin’s $145.79 million liquidations were longs. The next dates to watch are the US Federal Reserve decision on October 28 and the PCE inflation print on October 29, flagged by Bitcoin.com News as the next tests for buyers. Neither tells you where price goes, but both can move leveraged positions fast.
What it means for Indian investors
At about ₹75.77 lakh per Bitcoin, the coin is back below where many late-October buyers came in. If you hold spot Bitcoin on an FIU-IND-registered exchange, nothing gets sold automatically; a liquidation only happens to borrowed, leveraged positions.
If you are thinking of selling to “cut losses,” remember the Indian rules: 1% TDS applies on the sale, and losses on crypto cannot be set off against salary, shares or other crypto gains. Our crypto loss set-off calculator shows what that costs in rupees, and the live Bitcoin price page and Bitcoin price today in INR track the move. More calculators are on our tools page.
FAQ
Why did Bitcoin fall below $80,000 on October 24? Reported triggers include renewed US-Iran tension and rising oil, plus heavy US spot ETF outflows earlier in the week. Leveraged long liquidations then accelerated the drop.
How much was liquidated? CoinGlass counted $645.36 million across crypto in 24 hours, of which $504.53 million were longs and $233.13 million hit in a single hour.
Can my spot Bitcoin get liquidated? No. Liquidation applies to leveraged positions funded with borrowed money. Spot coins you own outright only show a paper loss.
This article is for information only and is not financial advice. Crypto is volatile; do your own research.