$1.54B in liquidations in 24 hours, about 84% of it longs.

The image is the official cover art from the Bitunix blog post.

How a long squeeze runs

1. Leveraged longs pile in during a rally and funding turns positive.
2. A headline or a technical break pushes price toward the most leveraged liquidation prices.
3. Those positions get closed with market orders, which hit the bid.
4. Lower prices reach the next layer of liquidation prices, and each wave has fewer bids under it.

On Oct 30 that played out as about $1.54B liquidated in 24 hours, roughly 83.8% of it longs, with BTC printing an intraday low of $76,400.

Three gauges and what they read after the flush

• Open interest: rising OI into falling price means leverage is still being added. Falling OI means positions are being closed. After the cascade, total OI dropped 3% to $136.3B.
• Funding: BTC 8-hour funding went from +0.008% to about zero. ETH dipped to -0.0105%, so shorts were paying to hold.
• Taker ratio: the split reached 41.6% buy vs 58.4% sell, peaking at 59.4%. The article treats 55 to 60% aggressive selling as a sign of real panic.

The Fear & Greed index fell from 51 to 29 over the same move.

Why some coins fell harder

The article lists open interest as a share of market cap, along with how much OI was flushed:

• BTC 2.15%, OI down 48.8%
• XRP 2.60%, down 45.8%
• DOGE 5.10%, down 65.7%
• SOL 6.40%, down 57.6%
• ETH 7.80%, down 48.3%

More leverage relative to market cap, plus thinner books, gave bigger wicks. ETH has an extra loop: much DeFi lending uses ETH as collateral, so on-chain liquidations add to the selling.

Off-hours make it worse

When US and European desks are offline, top-of-book depth can drop 35 to 50%. A small Asian-session sell on Oct 26 wicked to $79,146. Overnight into Oct 30, the same thin books turned into a slide through $77,000.

Flash crash, correction or reversal?

• Flash crash: lasts hours, volume spikes then normalizes, price snaps back
• Correction: days to weeks, macro-driven, volume fades into the lows
• Trend reversal: months, volume rises on each breakdown

The piece rates the current move as mostly a correction, not yet a confirmed reversal. It marks $76,000 as the floor to hold and a weekly close back above $83,000 as the level that would cancel the bearish read. Exchange stablecoin balances stayed flat around $31.8B, so cash is sitting on exchanges rather than leaving.

Account rules from the piece

• Cut exposure before a known catalyst, not after the cascade starts
• Use isolated margin for directional bets so one loser can't drain the account
• Spread stops and take-profits across a range instead of one price
• Decide the dollar loss first, then work back to position size

Entries after a flush tend to come on a confirmed reclaim, not at the exact low.