Bitcoin Drops Below $98,000 as $880M in Bullish Bets Liquidated
A sharp move lower in Asian trading pushed bitcoin beneath the $98,000 mark, intensifying a week-long bleed across large-cap crypto. Ether, Solana and Cardano each dropped around 8%, amplifying losses for traders who had been positioned for another leg up. Derivatives markets saw roughly $880 million of bullish, leveraged positions flushed out, according to aggregated exchange metrics, reinforcing downside pressure in spot and futures books.
The mass unwinding of longs highlights how quickly leveraged bets can swing sentiment and volatility. For now, market participants are watching funding rates, order books and key support levels to gauge whether the sell-off will stabilize or prolong. Short-term risk remains elevated as deleveraging feeds through exchanges, making liquidity and position sizing crucial for traders navigating the aftermath.