The decline follows a Tuesday crash that broke below $84,000 in two separate selling waves during Asia and US trading hours. The $84,000 mark had been considered a primary market floor, representing a cost-basis cluster for approximately 867,000 BTC. The downward move coincided with US Treasury yields reaching 24 year highs, leaving only 9 of the 125 largest tokens in positive territory. Earlier on-chain data showed four new wallets opened $12.5 million in 40x shorts on Hyperliquid just before the drop.
Tuesday, October 20, 2026
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Bitcoin Breaks $81,000 Support to Flush $700M in Crypto Longs
Crypto12 days ago
Leveraged traders saw $325 million in crypto positions wiped out in just 30 minutes on Wednesday as a flash selloff accelerated. Bitcoin fell below $81,000, triggering $700 million in long liquidations over a 12 hour window after breaking a prior support level at $82,000. Ether also dropped below $2,500, and prediction markets on Kalshi increased the probability that Bitcoin will fall below $75,000 by the end of the month to 35%.
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