Bitcoin Long Positions Hit with Over $2.8B Liquidations in Two Days as Deleveraging Nears Completion

Bitcoin long positions saw liquidations exceeding $2.8 billion over the past two days, Bitfinex data show. The cryptocurrency fell more than 10.4% during this period, dropping below $99,045 and breaching the October 10 low, while overall market capitalization contracted by $280 billion. Open interest declined to $69.3 billion from $92 billion in early October. Buyers entered the market after the price broke below $100,000, suggesting the deleveraging process may be nearing completion, according to the report.