Cryptocurrency markets are recovering from one of the most turbulent weekends ever, with major digital assets regaining ground lost in a sudden wave of liquidations that wiped out about $20 billion from open positions.
According to crypto slate Bitcoin rose more than 3% in 24 hours to trade around $115,342 after falling towards $105,000 on October 10, data showed. Ethereum also rebounded strongly, rising 9% to $4,180 after falling to nearly $3,500 over the weekend.
Among the top 10 digital assets, BNB surged 16.85% to a new all-time high to take the lead, while Dogecoin and Cardano each rose more than 10%. In contrast, Tron only increased by 2.5%, indicating that the recovery remains uneven across the market.
Liquidated over $600 million
Despite the price recovery, the cryptocurrency market still saw nearly 190,000 traders liquidate in the past 24 hours, with total losses exceeding $626 million. In particular, the most significant single liquidation involved $7 million worth of ETH-USD positions on Binance.
According to CoinGlass data, short sellers absorbed most of the losses, losing about $418 million as the price reversed upwards, while long-term traders lost another $207 million as volatility continued.
Still, BRN research director Timothy Michil explained: crypto slate The market rally likely reflects a combination of short covering and selective accumulation.
According to him:
“While many retailers remain on the sidelines, large holders are buying opportunistically. That said, the structural health of the market still depends on stable spot demand, buying by ETFs, Treasuries, and corporates, and time for liquidity to normalize. A V-shaped recovery is possible. A sustained rally will require repeated incremental selling at higher prices.”
bear signal
Meanwhile, Nick Foster, founder of options trading platform Derive.xyz, warned that volatility in Bitcoin and Ethereum options is spiking following last week’s shocking market collapse.
He said this suggests a volatile situation ahead in the weeks ahead. That’s because the recent selloff has disrupted normal volatility patterns and traders are hedging aggressively.
As a result, some investors are starting to think Bitcoin could fall below $100,000, while ETH traders are becoming more bearish with “significant buying on the $2,600 December put,” Forster noted.
he said:
“BTC options saw heavy buying of $115,000 and $95,000 puts for October 31st expiration, and call buying to call selling at the $125,000 strike (October 17th expiry). A sharp reversal was seen, suggesting a bearish near-term outlook…For ETH, traders focused on the $4,000 strike on October 31st and the $3,6000 strike on October 17th, which were significant. Buying a $2,600 put expiring on December 26 reflects growth; bearish sentiment will continue through year-end.
mentioned in this article
(Tag translation) Bitcoin
