Bitcoin-linked products saw significant losses, with traders incurring a massive $238 million loss over the past 24 hours, primarily during the early European and Asian trading hours, following a steep decline in the price of Bitcoin.
The drop in Bitcoin’s value below $100,000 triggered a $770 million liquidation for those betting on higher prices, marking a rough start to the week as crypto sentiment turned sour.
Solana (SOL) and Dogecoin (DOGE) led the way with over 10% losses, followed by Ethereum (ETH), Binance Coin (BNB), XRP (XRP), and Cardano (ADA), all experiencing up to 9% losses. The total market capitalization of cryptocurrencies saw an 8.5% decline by Monday afternoon in Asia.
Even tokens outside the top 20 suffered, with significant declines in meme coin PEPE, Aptos (APT), Gate.io’s GATE token, and Virtuals (VIRTUALS), each seeing drops of up to 18%.
Meanwhile, Jupiter (JUP) was the only token showing a positive move, increasing by 3.5%. The platform’s decision to buy back tokens using generated fees helped boost the price, with potential for massive net buying volumes throughout the year.
Bitcoin’s price fell below $99,000 early Monday, influenced by profit-taking ahead of the U.S. Federal Open Market Committee (FOMC) meeting. This was accompanied by a drop in U.S. stock futures, which reacted to concerns over the rising threat from DeepSeek, a Chinese AI company shaking up the tech industry.
Bitcoin futures products saw $238 million in losses, while Solana and Dogecoin bets lost around $50 million. Altcoin-linked products lost $138 million, with Ether futures falling $84 million.
The largest liquidation took place on HTX, with a $98.4 million Bitcoin tether-margined trade being closed.
Liquidations, when traders fail to maintain sufficient margin, are common in volatile crypto markets. They often indicate areas of price support or resistance, as the absence of further selling pressure can lead to price reversals.
If the market continues to slide, those holding short positions may be inclined to further increase their bets, while contrarian traders may consider heavy liquidations as a signal for a potential buying opportunity in anticipation of a market rebound.
