Bitcoin's weekend pullback wiped out roughly $250 million in leveraged long positions while futures open interest fell, CoinGlass data show. The cleanup follows a rally that had pushed Bitcoin toward $80,000, and US spot Bitcoin ETF inflows now face a fresh test after the weekend break.
CoinGlass showed $101.39 million of crypto long positions liquidated in the four hours around 07:00 UTC on Aug. 23, almost 86% of the window's $118.13 million total. Over 24 hours, long liquidations reached $250.57 million out of $339.73 million.
Bitcoin accounted for $38.66 million of the four-hour long liquidations and $55.82 million over 24 hours. BTC traded near $76,088, down about 1.8% over the preceding day after approaching $80,000 during the earlier rally, then recovered slightly to near $77,300.
Open interest falls as leverage clears
Aggregate Bitcoin futures open interest slipped to near $54.54 billion, down 2.65% over 24 hours. Major perpetual funding rates stayed near the 0.01% baseline, while the aggregate account long-short ratio stood at 0.9238. A market reloading with crowded long positions would typically show expanding open interest and richer funding; instead the data showed restrained positioning on both measures.
The washout stretched beyond Bitcoin. Binance accounted for $65.02 million of all crypto liquidations over four hours, including $58.64 million in longs. The largest single order over 24 hours was an $11.72 million ETHUSDT liquidation on Binance.
The prior week's short squeeze carries figures that vary by source and window. CoinGlass's live historical table listed a $2.99 billion liquidation event dated Aug. 19. Other coverage put broader totals above $4 billion. Direct comparison across those different scopes would turn them into one misleading record figure.
ETF inflows offer a spot-market counterweight
Farside Investors recorded five consecutive sessions of US spot Bitcoin ETF inflows through Friday, including $307.5 million on Aug. 21, before the creation channel closed for the weekend. That leaves long liquidations and thinner weekend spot support entangled, with Monday's reopened ETF channel providing the next test of demand.
Source: CryptoSlate
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