W3BStation
Markets
BTC $96,420 +2.34% ETH $3,280 +1.82% SOL $185.40 -0.92% BNB $642.50 +0.45% XRP $2.18 +3.12% DOGE $0.082 -1.50% ADA $1.05 +0.80% AVAX $42.10 +1.15%
BTC $96,420 +2.34% ETH $3,280 +1.82% SOL $185.40 -0.92% BNB $642.50 +0.45% XRP $2.18 +3.12% DOGE $0.082 -1.50% ADA $1.05 +0.80% AVAX $42.10 +1.15%
10/08/2026

Oil-Driven Selloff Triggers $547M in Crypto Liquidations

What happened: Crypto markets experienced $547 million in liquidations over 24 hours as Bitcoin dropped below $84,000, driven by a surge in oil prices following Iranian tanker attacks in the Strait of

Oil-Driven Selloff Triggers $547M in Crypto Liquidations

What happened: Crypto markets experienced $547 million in liquidations over 24 hours as Bitcoin dropped below $84,000, driven by a surge in oil prices following Iranian tanker attacks in the Strait of Hormuz. Ethereum accounted for $174 million of the liquidations, with $403.6 million in long positions wiped out within a single hour. Layer-2 tokens led losses, with OP and MNT each down 10%. The selloff coincided with Brent crude rising above $101 per barrel and came amid broader macroeconomic uncertainty.

Why it matters: The sharp uptick in liquidations underscores crypto’s vulnerability to macro shocks, particularly geopolitical events and commodity price swings. The outsized impact on Layer-2 tokens also points to growing structural concerns in the Ethereum scaling ecosystem, as two L2 projects have shuttered in the past week. Market volatility remains closely tied to external events, challenging the narrative of crypto as a macro-hedged asset class.

Source: CoinDesk