From US$86,500 to US$81,000: The anatomy of a crypto deleveraging wave
The crypto market is reeling. Bitcoin trades around US$80,550 to US$81,000. Ethereum trades near US$2,410 to US$2,470. Both assets dropped sharply on October 9, 2026. An aggressive deleveraging wave and broader macro risk-off sentiment drove the decline. Bitcoin fell about 3.3 per cent to 4 per cent over the last 24 hours. It dropped from […] The post From US$86,500 to US$81,000: The anatomy of a…
Bitcoin and Ethereum prices fell sharply on October 9, 2026, as the crypto market entered a deleveraging wave. The largest crypto market cap tumbled 2.53% in 24 hours, while the Nasdaq-100 showed a correlation of 75% with the crypto market, indicating shared macro-driven declines. This sell-off was driven by a concentration of long liquidations, with Bitcoin alone experiencing a 62.97% increase in forced closures of leveraged positions.
The total amount of BTC long positions liquidated in 24 hours reached US$303.08 million, a significant surge from the previous period. Ethereum also fell under pressure, with its own cascade of liquidations, showing an 8.62% decline over 7 days. High trading volumes and derivatives activity indicated panic selling and position unwinding.
The sell-off extended to other altcoins, with NEAR and ZEC correcting after large gains, as fears about AI cryptography breaking elliptic-curve cryptography added uncertainty to an already fragile market. The longer-term outlook depends on the sustainability of the support at the US$2.76T Fibonacci retracement level and the broader macro environment.
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