When did Asia trigger the selloff?

TLDR

Asia triggered the selloff at the market open on Monday, 1 Dec, roughly 04:0005:30 (UTC), when forced liquidations cascaded across majors.

1. Nearly $646 million in leveraged longs were wiped early in Asia per a market update, with Binance, Hyperliquid, and Bybit each above $160 million liquidations summary.
2. The risk-off impulse was tied to rising Bank of Japan rate hike bets during Hong Kong and Tokyo hours Asia morning briefing.
3. Coverage noted a sharp drop in early Asia trading at the start of December market wrap.

Deep Dive

1. Timing Window

Signals clustered between 04:00 and 05:30 (UTC) on 1 Dec as Asia opened.

• A market brief at 04:17 (UTC) framed the move as an Asia open pullback that punched through supports and triggered stop orders and liquidations Asia market open.
• The liquidation tally, updated at 05:05 (UTC), showed nearly $646 million cleared, with longs close to 90 percent of the total liquidations summary.
• Bloomberg coverage (timestamped 12:53 am UTC) emphasized that the drop began in early Asia trading at the start of December market wrap.

2. Driver: BOJ Bets

The immediate macro trigger was a jump in bets that the Bank of Japan would hike rates, strengthening the yen and pressuring carry-driven risk assets during Asian hours.

1. Japanese short-end yields hit their highest since 2008, with explicit references to BOJ policy evaluation and a rise in hike odds around Asia hours Asia morning briefing.
2. The stronger yen and tighter liquidity conditions amplified deleveraging in crypto, where Asian sessions often drive the sell-side in recent months Asia morning briefing.

3. Magnitude and Flow

The move was a positioning cleanse rather than a single project shock.

1. Forced liquidations removed nearly $646 million of leverage, cleaning up open interest across major venues liquidations summary.
2. Parallel coverage reported gold strength and a rotation to safe havens amid uncertainty, consistent with a broader risk-off reset Asia open overview.

Conclusion

Asia triggered the selloff at the 1 Dec open, with the heaviest pressure between 04:00 and 05:30 (UTC) as BOJ hike bets tightened liquidity and cascaded leverage. The episode looks like a macro-driven deleveraging, not an idiosyncratic crypto shock, so future volatility hinges on yen moves and central bank signals during Asian hours.