Exchanges wipe out $2 billion overnight as Bitcoin breaks to $81k — what today’s pain says about the next move

Bitcoin's drop below $85,000, hitting a low of $81,600 overnight, triggered over $2 billion in crypto derivatives liquidations in 24 hours, predominantly long positions ($1.86 billion). This cascade of forced unwinds was concentrated on exchanges like Bybit and Hyperliquid, with Bitcoin accounting for $1.01 billion of the total liquidations. This deleveraging coincides with the Crypto Fear & Greed Index hitting "Extreme Fear" territory, a sharp reversal from recent "Greed." The price action is exacerbated by record net outflows from U.S. spot Bitcoin ETFs, which previously absorbed selling pressure. Derivatives metrics show funding rates compressing toward neutral and open interest declining, indicating speculative leverage is being reduced. Options markets reflect a preference for downside protection, with a premium on put options, which can amplify moves near key support levels like $82,000. Key price levels to watch are $85,000 for a reclaim, $82,000 to $79,000 as potential support, and $90,000 to $94,000 overhead resistance. Market participants see three paths: consolidation between $82,000 and $90,000, a bearish move toward the high $70,000s if $85,000 fails, or a constructive rebound toward $90,000 if $85,000 is firmly reclaimed amid ETF inflow moderation.

(Source：CryptoSlate)