출처 검증 리서치: OKX / Binance / Bybit

What our liquidation feed recorded

The figures come from NexuAlpha's market feed, read at 00:48 UTC on 12 October (08:48 in Beijing). It covers the Binance USDT-M force-order stream (at most one order per symbol per second) plus OKX liquidation orders for BTC, ETH, SOL, XRP and DOGE, so the whole market saw more.

The four-hour split by contract: OKX ETHUSDT $3.11 million, OKX BTCUSDT $2.09 million, OKX SOLUSDT about $999,000, with XRP at about $36,000 and DOGE at about $31,000. The hour before the flush, 20:03 to 21:03 UTC, had already seen $567,526 of long liquidations and almost no shorts, so the selling built for a while before it cascaded.

How small the move was

The striking part is how little price it took. On Binance's perpetual contracts, the 21:00 UTC hourly candle for BTCUSDT opened at $83,637.0, fell to $83,228.5 and closed at $83,483.7; the low was 0.49% below the open. ETHUSDT opened that hour at $2,536.95 and touched $2,513.10, down 0.94%, and SOLUSDT went from $111.30 to $109.82, down 1.33%. In the next hour all three recovered most of the drop.

Binance's open-interest history shows what the flush removed. Our arithmetic from its hourly snapshots: BTCUSDT open interest fell from about $7.744 billion at 21:00 UTC to about $7.700 billion at 22:00, roughly $44 million or 0.6%, and ETHUSDT fell from about $5.874 billion to about $5.802 billion, roughly $72 million or 1.2%. A larger share of ETH positioning was cleared than BTC, which matches ETH leading our liquidation counts. By 00:00 UTC both had partly rebuilt, to about $7.734 billion and $5.841 billion.

Then the squeeze came back

The reversal came at the start of the Asian trading day. The 00:00 UTC candle took BTCUSDT up to $83,950 and ETHUSDT to $2,547.78, and in the hour to 00:48 UTC our feed recorded 59 forced orders worth $1.63 million, all but $27 of them on the short side; OKX's ETH contract accounted for $1.16 million. At 00:48 UTC bitcoin was at $83,876.3, up 1.12% over 24 hours, ETH at $2,544.91, up 1.61%, and SOL at $111.63, up 1.57%.

Seen over the full day, this is the tail of the story we covered on Sunday, when a short squeeze liquidated $12.5 million in four hours, 99.7% of it shorts. Shorts still took 71.4% of the day's $22.85 million. The overnight long flush shows the other half: traders who bought into that rally with leverage were the next to be cleared.

What funding says about positioning now

Funding is the periodic payment between longs and shorts on perpetual contracts. Binance's settled rates moved from negative to slightly positive over the day: BTCUSDT was −0.0010% at 08:00 UTC on 11 October, +0.0013% at 16:00 and +0.0006% at 00:00 UTC on 12 October; ETHUSDT went from −0.0117% to +0.0012% and then +0.0015%. At 00:48 UTC the next Binance payment was projected at +0.0005% for BTC and +0.0003% for ETH, while OKX still showed small negative rates of about −0.0020% for BTC and −0.0021% for ETH.

Those are close to zero per eight hours. The read is that neither side is heavily crowded on the majors, which is exactly the condition in which a thin-liquidity move can catch leveraged traders on either side. SOL stands out with more positive funding, about +0.0098% on Binance and +0.0061% on OKX, meaning longs are paying more there. Our funding-rate board shows both venues side by side, and our funding rate explainer shows how the payment is calculated.

Why it happened, and what we cannot say

We did not find a news event that lines up with the 21:00 UTC dip. It came late on a Sunday in the US and before Asian markets opened, when order books are usually thinner, and after a day in which shorts had been forced out and some traders had added leveraged longs. That combination needs only a modest wave of selling to set off stop-outs, and each forced sale pushes the price toward the next cluster of liquidation levels. We are describing the mechanics visible in the data, not identifying who sold or why.

The big moves of the night were elsewhere. Binance's 24-hour data showed MAGIC up 43.3% on about $434 million of volume and US down 39.2% on about $234 million, with CKB up 32.0%. We found no primary-source announcement explaining these moves at the time of writing, so treat them as volatility to respect, not as signals.

What to watch next

• The US open on Monday. Equity futures and the cash session will show whether the weekend's swings carry over or fade.
• Funding at the 08:00 UTC settlement. A flip back to clearly negative rates would mean shorts are rebuilding; clearly positive would mean longs are crowding again.
• ETH open interest. ETH has led liquidations in both directions for a day. A fast rebuild of its open interest would set up the next cascade.
• Altcoin funding. SOL's higher positive funding is where long crowding is most visible on our board.

How to act on this

A night like this punishes leverage on both sides, so the protective steps do not depend on your view. Size positions so a 1% move cannot liquidate you, use isolated margin, and place stops away from round numbers where liquidations bunch. Check the liquidation tracker and the funding board before holding leverage through thin weekend hours. Fees are the cost you control: most of the overnight liquidations we recorded were on OKX contracts, where a regular account pays 0.02% maker and 0.05% taker on USDT perpetuals, and registering with code nexu888 returns 40% of trading fees, settled hourly (OKX profile). Bybit charges 0.02% maker and 0.055% taker on perpetuals; you can sign up with code 48553 (Bybit profile).

Quick answers

How much crypto was liquidated overnight on 11–12 October 2026? Our feed recorded $4.11 million of long liquidations in the hour from 21:03 UTC and $1.63 million of short liquidations in the hour to 00:48 UTC, as lower bounds.

What was the largest liquidation? An $833,260 BTC long on OKX at 21:15 UTC. Over 24 hours, the largest remained a $2.53 million ETH short from Sunday afternoon.

How far did bitcoin fall? About 0.5% within the 21:00 UTC hour on Binance's perpetual, from $83,637 to $83,228.5, before recovering.

Is funding negative now? Barely positive on Binance and slightly negative on OKX for BTC and ETH as of 00:48 UTC; SOL funding is more clearly positive.

Limits of this article

Liquidation figures come from NexuAlpha's feed, which captures at most one Binance order per symbol per second and only selected OKX contracts, so the market-wide totals were higher. Prices, funding and open interest were read between 00:48 and 00:52 UTC on 12 October 2026 and will have changed; open-interest changes are our arithmetic from Binance's hourly snapshots. This is market data, not a forecast or investment advice. Partner links may earn NexuAlpha a commission paid by the exchange, at no extra cost to you.