Bitcoin Drops Below $98K as $1B in Longs Liquidated Amid Asian Market Weakness
Bitcoin fell under $98,000 for the first time since May on Friday, extending a week-long decline that dragged major cryptocurrencies lower. Ether dropped over 8% to around $3,500, while XRP, Dogecoin (DOGE), Solana (SOL), and Cardano (ADA) posted similar losses. Crypto tracked weakness in Asian equities as traders unwound leveraged positions and rotated into cash.
Liquidation data underscores the scale of the sell-off: over $1 billion in leveraged crypto positions were liquidated within 24 hours, with $887 million from long positions. Around 235,000 traders were affected, including a $44 million BTC long on HTX. Bybit, Hyperliquid, and Binance each saw more than $180 million in long liquidations, representing over 85% of all bets.
Fragile market conditions amplified the move. Positive funding rates, rising open interest, and thinning spot volumes left BTC vulnerable. As it broke below $100,000, liquidity gaps 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. Asian equities reacted immediately, with the MSCI Asia Pacific Index down 1.3%, while hopes for a December Fed rate cut also faded, lowering risk appetite.
BTC’s next key support is near $94,000, with altcoins remaining vulnerable if equities continue to weaken. Historically, liquidation-driven resets have marked exhaustion points, but near-term stability depends on macro conditions over the next 48 hours.
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