Bitcoin Nears $80,000 as Crypto Liquidations Top $1.16 Billion in 24 Hours
By Crypto Wire
October 8, 2026
Bitcoin traded near $80,000 on the evening of October 8, 2026 after crypto derivatives desks logged about $1.16 billion in twenty-four-hour liquidations, according to CoinGlass data cited by CryptoSlate, Crypto Briefing, and BeInCrypto. Long positions absorbed roughly $1 billion of that total versus about $108 million in shorts, with more than 166,000 accounts caught in the flush. The move extended a slide from near $87,000 on Tuesday, October 6, and broke through buy walls analysts had flagged around $81,000 on Binance — a tape event that usually reaches NFT markets when leveraged collectors get margin-called on parallel spot bags.
Ethereum liquidations reportedly exceeded Bitcoin on dollar terms in several snapshots, with about $324 million in ETH forced closes against roughly $240 million for BTC in one twenty-four-hour window. That ordering matters for NFT bids because most blue-chip mints still settle in ETH: when long ETH bets unwind faster than BTC, OpenSea and Blur activity often thins before PFP floors print a clean percentage drop. Macro desks tied the session to Brent crude near $105–106, Treasury yields at multi-decade highs, and hawkish Federal Reserve minutes from October 7 — the same backdrop that drove spot ETF outflows covered earlier on the desk.
Late-session headlines added a geopolitical wrinkle: crypto.news reported Bitcoin reclaimed the low $81,000s after President Donald Trump said on October 8 that the U.S. would not attack Iran before the Nov. 3 midterms, with oil easing on the remark. Prediction-market odds on a ceasefire holding through mid-November were cited near 60% on Polymarket in that coverage — a risk-on flicker, not a full reset of the liquidation damage already booked on-chain.
Analytics shops including Glassnode pointed to another liquidation cluster near $75,000 if support fails, while some traders flagged the October 10, 2025 anniversary of a much larger crash as psychological noise rather than a mechanical trigger. For NFT collectors, the actionable read is simpler: forced selling from derivatives rarely dumps JPEGs directly, but it drains the ETH and stablecoin balances that feed discretionary bids — especially on mid-tier collections with thin depth.
What to watch on-chain next: Track whether spot BTC holds reclaimed $81,000 into the October 14 U.S. inflation print, watch CoinGlass four-hour liquidation spikes for another $600 million+ long flush, and monitor ETH marketplace seven-day volume on major venues before assuming PFP floors have fully repriced. A quiet liquidation window with rising ETH listings would signal distressed inventory moving; sustained low volume with sticky floors would suggest bids are simply paused, not gone.
Bottom line: More than $1.16 billion in crypto liquidations hit mostly long traders as Bitcoin neared $80,000 on October 8. NFT desks should treat it as a collateral squeeze on ETH and stables first — floors may lag until forced sellers finish rotating.
Disclaimer: This article is provided for informational and educational purposes only. It does not constitute financial, investment, legal, or trading advice. The NFT market is highly volatile, and past performance is not indicative of future results. Readers should conduct their own research and consult qualified professionals before making any decisions related to digital assets. The cover image for this article may have been created using artificial intelligence (AI).
