Bitcoin price plunged from $110,000 to under $105K since Monday, triggering one of the biggest liquidation cascades in the crypto market in recent weeks as over $1 billion in leveraged crypto positions were wiped out.

According to data from CoinGlass, the crypto market saw a massive $1.37 billion in liquidations over the past 24 hours, most of it unfolding within the first 12 hours. Long positions took the brunt of the damage, accounting for nearly 90% of the total, with more than $1.23 billion in bullish bets wiped out as prices slipped from their weekend highs. Short traders accounted for just $143 million of the total.

Bitcoin accounted for $396.98 million in total liquidations, with $377.21 million coming from long positions. Ethereum followed with $368 million in liquidations, of which $322.98 million were longs.

Over 300,000 traders were liquidated in the past 24 hours. The largest single liquidation event was recorded on crypto exchange HTX, where a $47.87 million BTC-USDT long position was closed out. Over 

Crypto traders using leverage were forced to close their positions due to insufficient margin as the market moved against them.

Meanwhile, the preferred market sentiment gauge, the Crypto Fear and Greed Index, a metric, slumped to 21 today into the “Extreme Fear” territory.

At the time of writing, Bitcoin (BTC) had extended daily losses and hit intra-day lows around $104,5000, though it remained down 2.5% over the past 24 hours, with its market cap hovering around $2.13 trillion. Ethereum (ETH) slipped 5.2% to $3,528, while XRP (XRP) shed 5.4% to trade at $2.29. Solana (SOL) extended its losing streak, plunging 9.2% to $159.82, ranking it among the worst performers in the top 10 when writing.

Together, these dips pushed the total crypto market cap down by 2.5% to $3.59 trillion, marking its lowest level since July 11.

The sharp market pullback followed Bitcoin’s failed attempt to push past $111,000. The move was made worse by shallow order books across major perpetuals, which amplified volatility during low-liquidity trading hours as a wave of cascading liquidations swept through the market.

Analysts pointed to a stronger U.S. dollar and fading expectations of another Federal Reserve rate cut this year as key catalysts. The shift came after a series of cautious remarks from Fed officials, hinting that policymakers may take a slower approach to monetary easing than markets had anticipated.

Bitcoin price crash is a “healthy reset”

Crypto market sentiment was also hurt after Bitcoin broke from its so-called “Uptober” streak after ending October with a 3.7% loss, its worst performance for the month since 2018, a reversal that caught many traders off guard. Yet some analysts are downplaying the current correction.

“Bitcoin’s first red October in seven years has certainly caught attention, but I see it more as a healthy reset than a structural reversal. After a strong run through most of 2025, markets needed to digest gains, and we’re now seeing that play out.” Rachel Lin, CEO of SynFutures, told crypto.news.

Markets are now pricing in a data-heavy week in the U.S., with key reports on job openings, private payrolls, and inflation expectations on deck. Stronger labor numbers could put a lid on rate-cut hopes, while any signs of weakness might rekindle optimism for Fed easing.

“For November, I expect a period of stabilization and cautious optimism. Bitcoin may trade sideways early in the month as markets absorb Fed commentary, but a decisive shift in tone — either from softer inflation prints or a clearer easing message — could trigger a recovery. Ethereum should track a similar pattern, with additional tailwinds from network upgrades and growing institutional use of DeFi protocols,” Lin added.