Crypto derivatives markets recorded $121 million in liquidations over one hour, according to Coinglass data, including $118 million from short positions and $2.5128 million from longs. Bitcoin led token-level liquidations at $88.2297 million. Ether separately saw $14.24 million in short-position liquidations in the hour ending at 8:31 p.m. ET on October 1, as its price rose 1.02% from $2,718 to $2,746. The figures followed a separate October 2, 2026 event in which about $110 million in shorts was liquidated within roughly 10 minutes as Bitcoin, Ethereum and the broader crypto market rose sharply. No verified news catalyst was identified for that rally, leaving crowded leveraged positioning as the documented driver of the short squeeze. The move also coincided with positive daily flows into US spot Bitcoin ETFs, although ETF flows and perpetual-futures liquidations operate through different market mechanisms. Other reports cited materially different 24-hour totals of about $102 million, $164 million and $191 million for separate or revised reporting periods.