# Liquidation cascade on 2026-10-23

On 2026-10-23 our detector flagged $246.75M of forced closures across 3 detected bursts. Everything below is read from the real liquidation feed, not estimated: these are closures the exchanges actually broadcast.

Source: https://bykaranteli.com/incidents/2026-10-23 · attribute to ByKaranteli and quote the timestamp.
Snapshot taken 2026-10-23T23:00:00.000Z.

This page documents what was liquidated, not why the move started. A cascade is the amplifier, rarely the trigger.

| Measure | Value |
| --- | ---: |
| Force-closed (USD) | $246.75M |
| Longs (share of total, USD) | 77%, $189.72M |
| Shorts (share of total, USD) | 23%, $57.02M |
| Bursts (30 minute windows over threshold) | 3 |

## Every burst on this day

| Window (UTC) | Total (USD) | Longs (USD) | Shorts (USD) | Coins swept | BTC move (%) |
| --- | ---: | ---: | ---: | --- | ---: |
| 14:00 to 14:30 | $33.99M | $32.06M | $1.93M | BTCUSDT, ETHUSDT, XAGUSDT | -0.56% |
| 19:00 to 19:30 | $76.12M | $27.84M | $48.27M | IRYSUSDT, BTCUSDT, ETHUSDT | -0.16% |
| 22:30 to 23:00 | $136.64M | $129.83M | $6.82M | BTCUSDT, ETHUSDT, ZECUSDT | -0.55% |

## Which coins got swept

Forced-closure notional per symbol, summed across the day's bursts. A coin high on this list had the most leverage sitting where price went.

| Symbol | Force-closed (USD) | Share of the day (%) |
| --- | ---: | ---: |
| BTCUSDT | $52.50M | 21.3 |
| ETHUSDT | $38.20M | 15.5 |
| IRYSUSDT | $28.33M | 11.5 |
| ZECUSDT | $8.76M | 3.5 |
| SOLUSDT | $6.93M | 2.8 |
| XAGUSDT | $5.24M | 2.1 |
| XAUUSDT | $4.53M | 1.8 |
| GRAMUSDT | $3.47M | 1.4 |

## What price did

BTCUSDT minute closes around the day's largest burst, one hour either side. Every 5th minute below.

| Minute (UTC) | BTCUSDT close (USD) |
| --- | ---: |
| 2026-10-23 21:30 | 81328.5 |
| 2026-10-23 21:35 | 81338.1 |
| 2026-10-23 21:40 | 81329.1 |
| 2026-10-23 21:45 | 81316.9 |
| 2026-10-23 21:50 | 81295 |
| 2026-10-23 21:55 | 81291.4 |
| 2026-10-23 22:00 | 81375.2 |
| 2026-10-23 22:05 | 81351.7 |
| 2026-10-23 22:10 | 81294.2 |
| 2026-10-23 22:15 | 81312.5 |
| 2026-10-23 22:20 | 81292.6 |
| 2026-10-23 22:25 | 81283.7 |
| 2026-10-23 22:30 | 81222.7 |
| 2026-10-23 22:35 | 81096.3 |
| 2026-10-23 22:40 | 81109.9 |
| 2026-10-23 22:45 | 81066.2 |
| 2026-10-23 22:50 | 80797 |
| 2026-10-23 22:55 | 80549.9 |
| 2026-10-23 23:00 | 80849.9 |
| 2026-10-23 23:05 | 80826.2 |
| 2026-10-23 23:10 | 80521 |
| 2026-10-23 23:15 | 80661.1 |
| 2026-10-23 23:20 | 80899.6 |
| 2026-10-23 23:25 | 80944.5 |
| 2026-10-23 23:30 | 80889.3 |
| 2026-10-23 23:35 | 80942.2 |
| 2026-10-23 23:40 | 80940 |
| 2026-10-23 23:45 | 81019 |
| 2026-10-23 23:50 | 81120 |
| 2026-10-23 23:55 | 81150 |
| 2026-10-24 00:00 | 81133.5 |

## How a day gets a page

Our detector reads the real liquidation tape in 30 minute buckets and flags a bucket when its total forced closures exceed the larger of 30 million USD and six times the trailing median bucket, so the bar moves with market conditions. A day gets a page only when at least one bucket cleared that bar. Quiet days have no page, which is why this archive is short and will stay honest as it grows.

## Other cascade days

- Previous cascade: /md/incidents/2026-10-22
- Next cascade: /md/incidents/2026-10-24

## Related

- https://bykaranteli.com/incidents
- https://bykaranteli.com/liquidations
- https://bykaranteli.com/liqmap

Everything in one fetch: https://bykaranteli.com/llms-full.txt