Data updated
Overview
Bitcoin is the largest cryptocurrency by market capitalization, trading at $80.8K, 35.9% below its 6 Oct all-time high of $126K. On Hyperliquid, BTC carries $3.56B in open interest, 19.1% of the global total, and the long/short ratio is 22/78.
Strategy holds 847,666 BTC, with spot trading 7.1% above its average cost basis. US spot ETFs saw $635M in net outflows over the last 24h. Published analyst targets carry a street median of $107.5K.
BTC price
Key facts
Holders summary
Liquidations
$16.5M in BTC positions liquidated on Hyperliquid over the last 24 hours. Among the largest Hyperliquid positions, the nearest liquidation sits at $79.2K, -1.9% from spot, with $572.6K of longs.
Where the biggest traders on Hyperliquid get liquidated
Isolated positions liquidate at their own level; cross-margin liquidation prices drift with account equity and are re-read every refresh.
Liquidations, 30d
Fired liquidations
| Time | Side | Notional |
|---|---|---|
| Oct 23, 2026, 23:11 UTC | Long | $88.5K |
| Oct 23, 2026, 23:11 UTC | Long | $35.2K |
| Oct 23, 2026, 23:11 UTC | Long | $24.8K |
| Oct 23, 2026, 23:11 UTC | Long | $23.1K |
| Oct 23, 2026, 23:11 UTC | Long | $22.2K |
| Oct 23, 2026, 23:11 UTC | Long | $15.9K |
| Oct 23, 2026, 23:11 UTC | Long | $12.0K |
| Oct 23, 2026, 23:11 UTC | Long | $80.5K |
Positioning
Open interest on Hyperliquid stands at $3.56B, -0.5% over 24 hours, with traders split 22% long and 78% short, the 2nd percentile of the 10-month window.
Open interest, 30d
Spot vs perp CVD, 7d
Positioning by cohort
Avg entry and leverage
Funding & Basis
BTC funding on Hyperliquid is +0.0100% per 8 hours, the 76th percentile of the 10-month window, an annualized cost of carry of +11.0% for longs. CME closes at the weekend. Hyperliquid does not: weekend funding has averaged 0.0060% vs 0.0090% in CME hours.
Funding history, 30d
Funding by venue
| Venue | Funding (8h) |
|---|---|
| Binance | +0.0039% |
| Bybit | +0.0062% |
| Hyperliquid | +0.0100% |
| Lighter | +0.0096% |
| OKX | +0.0100% |
Funding by venue, 30d
Holders
Strategy, the largest corporate holder, owns 847,666 BTC, 4.0% of terminal supply, at a stated average basis of $75K, +7.1% vs spot. US spot ETFs saw net outflows of $635M on 22 Oct; the market's aggregate on-chain cost basis, realized price, is $0.
Corporate and fund holders: disclosed figures, sourced per row. Vs-spot computed against the price as of Oct 24, 2026, 06:35 UTC.
Major holders
| Holder | Holdings | Stated basis | Spot vs basis |
|---|---|---|---|
| Strategy | 847,666 BTC | $75.4K | +7.1% |
| Metaplanet | 44,000 BTC | $88.6K | -8.7% |
| Twenty One Capital (XXI) | 43,514 BTC | — | — |
| MARA Holdings | 35,577 BTC | mined + mkt | — |
| Strive | 33,996 BTC | $89.2K | -9.4% |
| Bitcoin Standard Treasury Company | 30,021 BTC | — | — |
| Bullish | 23,800 BTC | — | — |
| Galaxy Digital Holdings Ltd | 21,084 BTC | $62.0K | +30.3% |
| SpaceX | 18,712 BTC | $35.3K | +128.8% |
| Coinbase Global | 17,311 BTC | $70.1K | +15.3% |
| Riot Platforms | 15,680 BTC | mined + mkt | — |
| Hut 8 Mining Corp | 13,696 BTC | mined + mkt | — |
| CleanSpark | 13,470 BTC | mined + mkt | — |
| Tesla | 11,509 BTC | $33.5K | +140.9% |
| Trump Media & Technology Group Corp. | 9,542 BTC | $118.5K | -31.8% |
| Block | 9,032 BTC | — | — |
| American Bitcoin | 7,500 BTC | — | — |
| GD Culture Group | 7,500 BTC | $112.2K | -28.0% |
Strategy accumulation, 2025–2026
Filings and disclosures
- Sep 28, 2026COMMON: 1,469,165 shares sold at avg $12826.61
- Aug 31, 2026COMMON: 4,531,421 shares sold at avg $4212.98
- Aug 24, 2026COMMON: 18,261,118 shares sold at avg $1078.48
- Aug 17, 2026COMMON: 3,458,866 shares sold at avg $6274.51
- Aug 10, 2026COMMON: 6,585,682 shares sold at avg $3346.17
- Aug 3, 2026COMMON: 3,011,361 shares sold at avg $7534.97
The whole market as a holder: aggregate cost basis and supply flows, sourced per chart. Faro does not operate Bitcoin chain ingestion.
Exchange reserves, 12m
1,000+ BTC wallets, 6m
Outlook
Analysts' published 2026–27 targets range from a $25,000 bear scenario to $225,000, median $107.5K. Every major bank revision this year has been downward.
Events
No upcoming CPI, PPI, FOMC or payrolls releases.
- Oct 25, 2026Consumer Confidence Index
- Oct 26, 20263-Month Bill Auction· 5 releases
- Oct 27, 2026Dallas Fed Services Index· 14 releases
Into last event
Events since Dec 22, 2025 only: an ~10-month event library, not a multi-cycle history.
No settled event since Dec 22, 2025 yet.
Macro regime: BTC's rolling correlations to major assets.
Rolling 30d correlations, 6m
What the street expects: published targets, revision-dated.
Faro does not publish price targets.
Bar and median cover 2026–27 targets only. Long-term targets are in the table below.
| Author | Target | Horizon | Revision path | Method |
|---|---|---|---|---|
| End 2026 · median $107.5K | ||||
| Bitwise | $126,000 | Dec 31, 2026 | — | Flows / ETF |
| Fundstrat | $115,000 | Dec 31, 2026 | — | |
| Peter Brandt | $25,000 | Dec 31, 2026 | — | Technical |
| Standard Chartered | $100,000 | Dec 31, 2026 | 300k → 150k → 100k | Flows / ETF |
| Fundstrat | $200,000–250,000 | Dec 31, 2026 | — | |
| Fidelity | $65,000–75,000 | Dec 31, 2026 | — | Cycle analogue |
| Mid 2027 · median $116.0K | ||||
| Bernstein | $150,000 | Jun 30, 2027 | 200k → 150k | Macro |
| Citigroup | $82,000 | Jun 30, 2027 | 143k → 112k → 82k | Flows / ETF |
| Long term (2028+) · median $1.2M | ||||
| Coinbase | $1,000,000 | Dec 31, 2030 | — | Adoption / TAM |
| Strategy | $21,000,000 | Dec 31, 2046 | — | Adoption / TAM |
| ARK Invest | $1,200,000 | Dec 31, 2030 | — | Adoption / TAM |
FAQ
Why is Bitcoin falling today?
BTC trades at $81K, -0.8% over 24 hours. Three readings on this page show what is behind the move. Open interest moved -0.5% to $3.56B, so the move is leverage unwinding: positions are closing as price falls. Funding sits at +0.0100% per 8 hours, so leveraged longs pay shorts to hold. $16.5M liquidated in the last 24 hours; top mapped prints show $372.9K in longs and $0 in shorts (not the full session).
Is this Bitcoin move driven by leverage or by spot buying?
Compare two numbers. Open interest on Hyperliquid stands at $3.56B, -0.5% over 24 hours. US spot ETF net flow was $635.5M out on Oct 22, 2026. Open interest rising faster than price signals leverage. Price rising while open interest falls signals spot demand and short covering.
How is Bitcoin doing today?
BTC trades at $81K, -0.8% over 24 hours and 35.9% below its all-time high. Funding runs at +0.0100% per 8 hours. Open interest on Hyperliquid stands at $3.56B. $16.5M liquidated in the last 24 hours. This page updates roughly every 60 seconds.
Did something break, or is this normal volatility?
Two percentile readings give the context. Funding sits at the 76th percentile of its 10-month window, so the cost of carry is moderately elevated. Long/short skew sits at the 2nd percentile, so positioning is crowded short, an extreme for this window. Faro publishes the percentile beside every reading so you can judge a print against its own history.
Where is the nearest Bitcoin liquidation wall?
Among the largest Hyperliquid positions, the nearest liquidation sits at $79.2K, -1.9% from spot, with $572.6K of longs. The largest single liquidation sits at $157.0K, +94.6% from spot, with $212.9M of shorts. Faro reads these from the traders' own Hyperliquid accounts, not estimates.
How much Bitcoin has been liquidated in the last 24 hours?
$16.5M of BTC positions liquidated on Hyperliquid in the last 24 hours; top mapped prints show $372.9K in longs and $0 in shorts (not the full session). The ladder above shows the levels where the next clusters sit. Cross-margin walls drift with account equity and are re-marked on each refresh. Isolated walls fire at their level.
What price would trigger the biggest Bitcoin liquidation cascade?
The largest single liquidation among the biggest Hyperliquid positions sits at $157.0K, +94.6% from spot, with $212.9M of shorts. A move through that level forces the position out and can extend the move. The ladder shows every one of these positions at its own price, so you can see both directions rather than one headline number.
Are Bitcoin longs or shorts more at risk right now?
Long/short skew reads 22% long and 78% short, at the 2nd percentile of the 10-month window. Average entry sits at $78.6K for longs and $78.3K for shorts. The crowded side is the side that liquidates. Compare the two figures against spot at $81K.
Can Bitcoin recover from here?
Faro does not publish price targets or forecasts. What this page shows is the positioning behind the move. BTC sits 35.9% below its all-time high and +0.0% above realized price, the aggregate on-chain cost basis of $0. Funding at +0.0100% shows whether leveraged longs are still paying to hold.
What is the current Bitcoin funding rate on Hyperliquid?
Funding runs at +0.0100% per 8 hours. That is the 76th percentile of the 10-month window and an annualized cost of carry of +10.95% for longs. Positive funding means longs pay shorts. Negative funding means shorts pay longs.
Is it expensive to hold a leveraged Bitcoin long right now?
At +0.0100% per 8 hours, a long pays +10.95% annualized to hold the position. Hyperliquid settles funding every hour; Faro quotes it as an 8-hour equivalent so it compares directly with venues that settle every eight hours. The percentile reading of 76th tells you whether that cost is high or low against BTC's own history on this venue.
Where does Bitcoin funding sit relative to its own history?
Funding sits at the 76th percentile of the 10-month window. Faro publishes the window length beside the percentile rather than implying a full-cycle history. The funding series on this page begins 22 December 2025.
Do Bitcoin funding rates change at the weekend?
Yes. CME closes at the weekend and Hyperliquid does not, so weekend funding prices a different set of participants. Weekend funding has averaged +0.0060% against +0.0090% during CME hours over the last 30 days. The shaded bands on the funding chart mark weekends.
What leverage are Bitcoin traders using on Hyperliquid?
Longs sit at an average entry of $78.6K and shorts at $78.3K. Faro reports average realized leverage per cohort (position notional over account equity) rather than the maximum leverage setting, so whales, retail and fresh wallets are directly comparable.
Are traders net long or net short Bitcoin right now?
Positioning reads 22% long and 78% short on Hyperliquid, at the 2nd percentile of the 10-month window. Top-100 trader net flow is −$509.2M and 24-hour net flow is +$2.5M. These are real positions from Hyperliquid's own trader-position feed, not a CEX aggregator estimate.
What is Bitcoin open interest on Hyperliquid?
Open interest stands at $3.56B, -0.5% over 24 hours. Hyperliquid holds 19.1% of mapped BTC perpetual open interest. Rising open interest with rising price means new longs. Rising open interest with falling price means new shorts.
Are Bitcoin whales long or short?
Whales are short $506.7M. Retail is short $2.5M. Fresh wallets are short $471.6M. Faro splits positioning by cohort so you can see whether the crowded side is size or retail.
How much Bitcoin does Strategy (MSTR) hold?
Strategy holds 847,666 BTC, 4.0% of terminal supply, at a filed average basis of $75.4K. That puts the position +7.1% against spot at $81K. Holdings come from Strategy's per-filing SEC disclosures. The last filing is dated Oct 5, 2026.
Which companies hold the most Bitcoin?
Strategy holds 847,666 BTC; Metaplanet holds 44,000 BTC; Twenty One Capital (XXI) holds 43,514 BTC; MARA Holdings holds 35,577 BTC; Strive holds 33,996 BTC. Faro sources each row from SEC filings, public treasury disclosures or spot ETF flow reports, and shows the source per row. Where a company has not disclosed an average basis, the table shows a dash rather than a zero.
Is Strategy in profit on its Bitcoin?
Yes at current prices. Strategy's filed average basis is $75.4K against spot at $81K, so the position sits +7.1%. The accumulation chart shows every purchase tranche since 10 November 2025, sourced per 8-K filing.
Did Tesla sell its Bitcoin?
Tesla holds 11,509 BTC at a filed basis of $33.5K, currently +140.9% against spot. Tesla disclosed a large sale in 2022 and has reported the remaining position in each filing since. Faro reads the holdings from the filings rather than from press coverage.
Did US spot Bitcoin ETFs see inflows or outflows?
US spot ETFs recorded −$635.5M on Oct 22, 2026. ETF flow is reported per session, not on a rolling 24-hour basis, so this page labels it with its session date. Flows are sourced from spot ETF flow reports.
What is Bitcoin's realized price?
Realized price is $0. It is the aggregate on-chain cost basis of every unit of BTC, valued at the price it last moved. Spot trades +0.0% above it. Traders read a large premium as an extended market and a discount as capitulation.
Can Bitcoin reach $200,000?
Faro does not publish price targets. What this page shows is the distance and the positioning. BTC trades at $81K, 35.9% below its all-time high of $126K. A move to $200,000 is +147.5% from here. The liquidation ladder shows every mapped cluster between spot and that level.
Can Bitcoin go to zero?
Faro does not publish forecasts. The relevant data is the cost basis of the existing holder base. Aggregate on-chain realized price is $0, and spot trades +0.0% above it. Corporate treasuries hold 1,203,610 BTC at filed average bases shown per row in the holders table.
When will Bitcoin bottom?
Faro does not call tops or bottoms. Three readings on this page describe where positioning sits. Funding is at the 76th percentile of its history. Skew is at the 2nd percentile. Spot trades +0.0% above realized price at $0. Each reading carries its own history window.
What is the next macro event that could move Bitcoin?
The next scheduled print is FOMC Press Conference on 28 Oct. The outlook table lists every scheduled macro release ahead, filtered to CPI, PPI, FOMC and payrolls. Faro's event library begins 22 December 2025, so event studies cover that period only and not a full cycle.
How correlated is Bitcoin to the stock market?
BTC's rolling 30-day correlation to the S&P 500 is 0.58. Correlation to gold is 0.17 and to DXY is 0.02. The chart shows all three over six months. Where a reading is unavailable this page shows a dash, never a zero.
Where does this data come from?
BTC positioning, liquidations and funding come from Hyperliquid's own order book and trader-position feed, not from a CEX aggregator. Holder figures combine SEC filings, public treasury disclosures and spot ETF flow reports. Chain-level series are licensed, and Faro does not operate its own Bitcoin chain ingestion. Every table shows its source.
Are these real Bitcoin positions or estimates?
The liquidation ladder and the positioning data are real positions read from Hyperliquid. They are not modelled from open interest and price. Cross-margin walls drift with account equity and are re-marked on each refresh, so a level can move without a trade. Isolated walls fire at their level.
How often does this page update?
Roughly every 60 seconds. The last update was Oct 24, 2026, 06:35 UTC. Each metric carries its own window label, and the history depth for each series is listed alongside its chart. Percentile readings state their window rather than implying a full year.
Can I cite this page?
Yes. Each figure carries its source, its window and its update time. Every chart has a share and download action, so you can export the underlying series. Cite the page URL and the update timestamp.
Does this page cover BTC options data (IV, skew, put/call, max pain)?
No. Hyperliquid doesn't run a meaningful BTC options market, so a real options surface here would have to source from a venue like Deribit instead, outside this page's native-data commitment, which is Hyperliquid's own order flow and positioning. We'd rather leave this out than publish a number this page can't actually back with its own venue's data.
Does this page cover Bitcoin mining data (hashrate, difficulty, miner reserves)?
No. Faro doesn't ingest the Bitcoin chain itself. The data on this page comes from Hyperliquid's derivatives market and a small set of on-chain/market-structure feeds, not chain-level mining telemetry. For hashrate, difficulty and miner reserves, our editorial coverage on the blog is the better source.