Bitcoin Drops Below $98K as $1B in Long Positions Liquidated Amid Asian Market Weakness
Bitcoin fell under $98,000 for the first time since May on Friday, extending a week-long decline that weighed on major cryptocurrencies. Ether dropped more than 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 rotated into cash.
Over $1 billion in leveraged crypto positions were liquidated in 24 hours, including roughly $887 million from long bets. About 235,000 traders were affected, with the largest single loss a $44 million BTC long on HTX. Bybit, Hyperliquid, and Binance each saw over $180 million in long liquidations, accounting for more than 85% of all bets.
Fragile market conditions—positive funding rates, rising open interest, and thinning spot volumes—amplified the sell-off. BTC’s break 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%, while hopes for a December Fed rate cut faded.
BTC’s next support is near $94,000, with altcoins vulnerable if equities continue to weaken. Historically, liquidation-driven sell-offs often mark exhaustion zones, though near-term stability hinges on macro developments over the next 48 hours.
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