$1B in longs got wiped out on Friday — and $BTC is still sitting at $75K.

So is the worst over? The derivatives data says: not so fast. This wasn't a capitulation. It was a reset — and resets cut both ways.

**The flush, in numbers**

Friday was brutal. Over $1B in positions were liquidated in 24 hours, and roughly 88% of them were longs. Around 211,000 traders got wiped. Bitcoin dropped about 6% from above $80K to a low near $74,780 — its lowest since August.

The trigger wasn't even crypto. A Nasdaq rout — tech stocks down 5.5% — dragged everything with it. As GSR's Carlos Guzman put it, this was "a pullback in risk appetite amplified by leverage." $ETH fell 7.3% on the day, harder than Bitcoin, and the pain ran straight down the risk curve.

**Funding is calm. Too calm?**

Here's the part most people are reading wrong. Funding on Binance is sitting around 0.005–0.007% per 8 hours — positive, but well below the 0.01% baseline. Longs are still paying shorts, just not very much.

That is NOT the capitulation print. Every real bottom since 2018 — December 2018, March 2020, the FTX collapse — came with deeply negative funding sustained for weeks. Right now funding is just… neutral. No crowded side. No conviction. The market is holding its breath.

And leverage didn't stay gone. Glassnode noted open interest actually grew by about $1B during the selloff — fresh longs stepping back in at $75K. That's either dip-buying conviction, or the fuel for a second flush.

**But the buyers aren't back yet**

This is the part that should worry bulls. Spot Bitcoin ETFs bled $1.28B last week — the worst week since June — and 2026 flows have now flipped negative. Stablecoin supply just shrank $6.66B in a week, the steepest contraction of the year. Whale wallets are net selling. Coins are changing hands at a loss for a third straight week.

Leverage got flushed. Real money is still walking out the door.

**The levels that decide everything**

$75K is the line. Bitcoin has now held its 50-week moving average near $75,556 for four days. Lose it, and Wintermute's desk sees $73,000, then $68,000. CryptoQuant's Darkfost puts the next real support at $70,000.

Above, $76,500–$77,500 is the first wall of trapped shorts, and $80K is the level that has to be reclaimed before anyone can talk about strength again. Pull up the $BTC chart — that $75K line is where this whole market gets decided. And if it breaks, high-beta names like $SOL will feel it first.

Tuesday's CPI print is the next trigger, with markets pricing roughly 80% odds of a December Fed hike. A hot number, and $75K gets tested properly — on full weekday volume, not this thin weekend tape.

The flush cleaned the leverage. It didn't bring the buyers back. Until spot flows turn, every bounce is guilty until proven innocent.

Not financial advice. DYOR.