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In a post on X, the Coinbase Markets account reported that the largest cluster of net long Bitcoin (BTC) positions was entered at an average level of $81,993. With Bitcoin price now trading below that level, traders' positioning is back in focus.
The largest cluster of net long BTC positions entered at $81,993. With Bitcoin price now trading below that level, positioning is back in focus. 64% of net long notional was entered above the spot price.
The largest cluster of net long $BTC positions entered at $81,993. With Bitcoin price now trading below that level, positioning is back in focus. 64% of net long notional was entered above the spot price. Do they add or fold? https://t.co/efu2Gruh3t
— Coinbase Markets 🛡️ (@CoinbaseMarkets) October 24, 2026HOT Stories
Coinbase Markets also noted that 64% of net long notional was entered above the spot price, sharing a screenshot of the 'BTC: Net Open Positioning by average entry price' chart which supported this claim. This means a substantial share of the tracked long exposure was opened at prices higher than Bitcoin's current level, potentially leaving those positions under pressure.
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At the time of writing, BTC was down 1.50% in the last 24 hours to $80,595 as the broader crypto market traded largely down, extending a selloff earlier in the week. A total of $481.25 million has been liquidated across the crypto market, with longs accounting for a large chunk ($346.15 million) of this figure, according to Coinglass data.
Bitcoin liquidations in the last 24 hours came in at $95.06 million; longs accounted for $85.90 million (the majority) while shorts came in at $9.16 million. If Bitcoin falls further, forced closures of leveraged long positions could occur, adding selling pressure on Bitcoin's price.
Will they add or fold?
The key question is whether traders will add to their positions in anticipation of a recovery or reduce exposure to limit further losses. Fresh buying could help Bitcoin reclaim the $81,993 entry zone, while continued weakness could increase pressure on bullish traders.
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In a separate X post, Coinbase noted that BTC options are pricing a clear downside bias across the volatility curve. The BTC 25-delta skew stands at 11.3% for 1 day, 10.5% for 1 week, and 10.8% for 1 month, compared with 3.9% at 1 year. Puts carry a higher implied volatility than comparable calls across every maturity.