Bitcoin Reaches $86,381 as Derivatives Shorts Face Tens of Millions in Liquidations

Bitcoin short sellers faced widespread forced closures on October 2 as the cryptocurrency climbed 1.32% from $85,260 to $86,381 within a single hour. Across major exchanges including Binance, Bybit, and OKX, short liquidations totaled $45.96 million in an hour ending at 1:21 p.m. KST, compared to just $10,000 in liquidated longs. The pressure on bearish traders included a single $11.73 million short position liquidated on Binance perpetual futures at an execution price of $86,310 at 1:20 p.m. ET (5:20 p.m. UTC), amplifying the upward price momentum through forced market buying.