“China’s latest dataset showed economic activity cooling far more than expected, creating selling in Asian stocks in Friday trading hours.”, — write: www.coindesk.com
Ether fell more than 8% to around $3,500, while XRP, DOGE$0.1617Solana’s SOL and Cardano’ ADA posted similar declines. The tone remained decisively risk-off, with crypto tracking equity weakness across Asia as traders unwound leveraged bets and rotated into cash.
Liquidation data shows the magnitude of the flush. More than $1 billion in leveraged crypto positions were wiped out over 24 hours, with roughly $887 million coming from loans.
That marks one of the heaviest bull-side liquidations in a month. About 235,000 traders were forced out of positions, and the single largest wipeout was a $44 million BTC long on HTX.
Across major venues, Bybit, Hyperliquid and Binance each saw more than $180 million in long liquidations which represented over 85% of all bets, reflecting how aggressively traders had leaned into last week’s bounce.
The setup heading into the decline was fragile as funding rates had turned positive across majors, open interest was climbing, and spot volumes were thinning — making for conditions that often amplify downside once momentum flips.
With BTC slicing through $100,000, liquidity pockets evaporated on the way down, creating a vacuum that accelerated the move toward $97,000.
Macro headwinds added fuel. China’s latest dataset showed economic activity cooling far more than expected. Industrial production slowed to 4.9% year-on-year from 6.5% in September, while fixed-asset investment contracted 1.7% over the first 10 months in a historic slump.
The numbers hit Asian equities immediately, with the MSCI Asia Pacific Index dropping 1.3% and chipmakers leading losses. The weakness spilled into crypto within minutes, mirroring patterns seen throughout Q4 where digital assets have behaved like high-beta macro risk.
At the same time, hopes for a December Federal Reserve rate cut faded after a series of cautious remarks from officials. Money markets now price the odds of a December cut below 50%, down sharply from earlier in the week. That shift, combined with the global equity wobble, created the latest leg lower in crypto as traders reassessed positioning into year-end.
For crypto, the immediate question is whether the forced unwinds have run their course.
BTC’s break below $98,000 puts focus on support near $94,000, while altcoins remain vulnerable if equities extend their pullback.
But structurally, liquidation-driven resets often have marked exhaustion zones. Whether that dynamic repeats depends largely on whether macro volatility stabilizes over the next 48 hours.
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A sharp liquidity crunch sent bitcoin and altcoins plunging, triggering over a billion dollars in derivatives liquidations as traders brace for a potential trend reversal.
- Roughly half of the liquidations came from bitcoin positions, with the rest spread across altcoins as selling pressure built up.
- ETH dropped more than 9% over 24 hours while AAVE, JUP and SUI posted double-digit losses. Many tokens slumped to lows not seen for months.
- Zcash and Monero rallied, with ZEC now up more than 1,000% since August in a striking divergence from the broader market.
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