Bitcoin Flash Drop Below $84K Triggers $550M in Crypto Liquidations
Bitcoin fell 2.3% in two hours to below $84,000, wiping out more than half a billion dollars in leveraged positions as attention turned to short bets placed on Hyperliquid.
AfroEuropa Newsroom
AfroEuropa desk
Bitcoin dropped 2.3% in the space of two hours on October 7, 2026, falling below $84,000 and setting off a wave of liquidations across the crypto market. According to BitKE and Cointelegraph, the sell-off cleared roughly $550 million in positions, mostly long bets. CoinDesk put the liquidation figure at about $547 million.
Shortly before the decline, four newly created wallets on the Hyperliquid platform opened 40x-leveraged Bitcoin short positions worth around $12.5 million, according to BitKE. Analysts flagged the timing of those trades, though BitKE noted this does not establish that the shorts caused the move. Cointelegraph similarly linked the drop to suspicion surrounding leveraged short positions on Hyperliquid.
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