Key Facts

• Over $1 billion in crypto positions were liquidated in the past 24 hours, with longs accounting for $842 million of the damage, and 148,500 traders were affected, according to CoinGlass.
• The largest single position liquidated was a $38 million bitcoin-dollar bet on Hyperliquid, with Bitcoin leading at $489 million in liquidations and ether at $295 million.
• Bitcoin's price was trading near $59,750 on Friday morning, down 2.8% on the day, and had hit a 24-hour low of $58,188, approaching levels where another $1.6 billion in leveraged long positions are clustered.
• Gabe Selby, head of research at CF Benchmarks, stated that Bitcoin has pulled back into the $50–60K zone, which has historically acted as support, and noted that this zone was first established in mid-2024 following the U.S. spot ETF launch rally.
• Asian stocks were under pressure, with South Korea's Kospi index down 8% and Japan's Nikkei losing 3%, following overnight risk aversion on Wall Street where shares in Apple and other Mag7 stocks cratered after announcing price hikes.