- Bitcoin recovered to nearly $82,000 during Friday’s Asian hours after hitting lows below $81,000 overnight, according to CoinDesk data. It was testing its 50-day simple moving average, a widely followed gauge of near-term momentum, while ether, XRP, solana and dogecoin made similar moves.
- Crypto futures positions worth $435 million were liquidated over the past 24 hours, including $385 million in longs. By our calculation, longs made up about 89% of the total, showing leverage was heavily skewed toward the bullish side.
- The risk-off tone strengthened early in Asia as the yen climbed to 156.07 per dollar, its strongest since September 18, after hotter-than-expected Japanese inflation data reinforced expectations of further Bank of Japan rate hikes. Those gains proved fleeting as the yen fell back toward 157 per dollar, letting bitcoin, Asian stocks and gold pare losses.
- US-listed spot bitcoin ETFs lost $381 million in outflows on Thursday, according to preliminary SoSoValue data. CoinDesk noted that consistent ETF demand is lacking for a steep rally to materialize, while WTI crude near $100 adds inflation risk.
What Happened?
Bitcoin and gold pared losses in Asian trading on Friday alongside a recovery in stocks as the Japanese yen gave up early gains, CoinDesk reported. Japan’s Nikkei and South Korea’s Kospi rebounded from session lows, and Nasdaq futures rose 0.17% to 29,190, up from 29,022 earlier in the day. Gold bounced back to $4,020 an ounce from an early low of $3,986, a level last seen on July 29. The yen’s early strength had been supported by a haven bid driven by AI-related jitters.
Why It Matters?
The liquidation mix shows how crowded bullish positioning had become, since long bets accounted for the bulk of the forced selling. The yen matters for crypto because the currency has long been used to fund risk-on carry trades, so its swings ripple across global markets. Bitcoin’s quick rebound once the yen reversed underlines how closely it is trading with macro risk sentiment rather than crypto-specific news. Without steady spot ETF inflows, rebounds driven by short-term positioning are harder to extend.
What’s Next?
The 50-day simple moving average is the near-term level to watch, as a hold above it would suggest momentum is stabilizing. Oil is the other swing factor, since WTI futures traded near $100 even after President Donald Trump invoked a Cold War-era law aimed at boosting fuel production. A sustained rise in oil could fuel global inflation and weigh on risk assets, including crypto. Daily spot ETF flow data will show whether Thursday’s $381 million outflow was a one-off or the start of a weaker demand trend.
Affected Tickers and Coins: BTC, ETH, XRP, SOL, DOGE, IBIT
Source: CoinDesk
