Bitcoin Slides Below $98K as $1B in Longs Liquidated Amid Asian Market Sell-Off
Bitcoin fell below $98,000 for the first time since May on Friday, extending a week-long decline that pressured major cryptocurrencies. 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 moved into cash.
Over $1 billion in leveraged crypto positions were liquidated within 24 hours, including roughly $887 million from long bets. Around 235,000 traders were affected, with the largest single loss a $44 million BTC long on HTX. Bybit, Hyperliquid, and Binance each recorded more than $180 million in long liquidations, representing over 85% of all bets.
Market fragility amplified the decline. 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 further 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 fell, with the MSCI Asia Pacific Index down 1.3%, while expectations for a December Fed rate cut diminished.
BTC’s next key support is near $94,000, and altcoins remain exposed if equities continue to weaken. Historically, liquidation-driven sell-offs often signal exhaustion zones, though near-term stability depends on macro developments in the next 48 hours.
