Bitcoin stuck below $80,000 as leveraged longs unwind, altcoins slide
Why it matters: Long traders lost roughly $400 M as Bitcoin stayed under $80k, while altcoin holders saw sharp price drops; the surge in ETH open interest signals continued demand for leveraged exposure.
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- Bitcoin held below $80,000, trading around $79,800 after dropping to $78,720, staying under the weekly open of $82,500 following the U.S. PPI surge.
- Bitcoin long positions were liquidated for $102 million of the $117 million BTC liquidations, contributing to a total $400 million of crypto derivative liquidations.
- Ethereum open interest hit a record 15.42 million tokens, surpassing the July peak of 15.33 million.
- Altcoins fell sharply, with memecoins leading losses and the Altcoin Season index sliding to 43/100 from 50/100.
- Bitcoin futures volume rose 14% to $189 million while open interest slipped 2% to $133 billion, and cumulative volume delta turned negative, showing sell‑side pressure.
