Bitcoin slips below $80K as $436M liquidated in four hours, 93% longs
- —Bitcoin fell to $79,280 before recovering to $80,138 by 13:00 ET
- —Futures open interest dropped 2.2% to $140.1 billion
- —US spot bitcoin ETFs lost $635.5 million on Oct. 22 and $137.9 million on Oct. 23
- —Hayes said the market must fall before it rises and moved to cash
Why it matters: The long liquidation cascade and ETF outflows raise the risk of bitcoin sliding toward $78,000 and below.
Source: Blockmedia