Crypto traders betting on rising market prices have faced the second-largest liquidation day in October, totaling $261 million on October 23. This follows a market downturn where Bitcoin and Ether witnessed significant price drops, with Bitcoin falling to a low of $65,500 before recovering slightly. This liquidation eclipsed the previously largest day earlier in the month, which saw $450.8 million liquidated on October 1. Notably, Ethereum long bets faced the heaviest impact, resulting in over $77 million liquidated. The market had been buoyant on October 21, reaching Bitcoin's highest price in three months, yet the momentum faded swiftly. Ethereum also experienced substantial losses, declining 1.7% to $2,552. Despite the liquidations, U.S.-based Bitcoin exchange-traded funds (ETFs) saw a net inflow of $198.5 million on October 23, showcasing continued institutional interest, although there were significant outflows from some ETFs as well.

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