Bitcoin Falls Below $98K as $1B in Longs Liquidated Amid Asian Market Sell-Off
Bitcoin dropped under $98,000 for the first time since May on Friday, extending a week-long decline that pressured major cryptocurrencies. Ether fell over 8% to around $3,500, while XRP, Dogecoin (DOGE), Solana (SOL), and Cardano (ADA) posted similar losses. Crypto mirrored weakness in Asian equities as traders unwound leveraged positions and moved into cash.
Over $1 billion in leveraged crypto positions were liquidated in 24 hours, with roughly $887 million from longs. Around 235,000 traders were affected, including a $44 million BTC long on HTX. Bybit, Hyperliquid, and Binance each recorded over $180 million in long liquidations, representing more than 85% of total bets.
Market fragility amplified the sell-off. Positive funding rates, rising open interest, and thinning spot volumes left BTC vulnerable. Breaking below $100,000 triggered liquidity gaps that accelerated the slide toward $97,000.
Macro headwinds added pressure. China’s industrial production slowed to 4.9% year-on-year, and fixed-asset investment contracted 1.7% over the first ten months. The MSCI Asia Pacific Index fell 1.3%, led by chipmakers, while expectations for a December Fed rate cut dwindled.
BTC’s next key support is near $94,000, and altcoins remain exposed if equities continue to weaken. Liquidation-driven resets have historically marked exhaustion points, though near-term stability depends on macro conditions in the coming 48 hours.
