Crypto Market Sinks to $3.6T as $373M in Leveraged Bets Liquidated
BitNewsBot -
  • Total cryptocurrency market capitalization fell to $3.6 trillion, with $373 million in liquidations over the last 24 hours.
  • Bitcoin futures trading remains subdued following a major leverage wipeout in October, and new speculative positions are limited.
  • Exchange-traded funds (ETFs) for Bitcoin are seeing low inflows, while Solana ETFs continue to attract investments despite overall market decline.
  • XRP led losses among major tokens, falling more than 3% in 24 hours, with retail sentiment still trending bullish.

The global cryptocurrency market capitalization declined to around $3.6 trillion in the past 24 hours, with $373 million in positions liquidated. Data from CoinGlass showed that $245 million of these losses came from long liquidations, while $128 million resulted from short positions being closed. The broad selloff affected major tokens, as Bitcoin and others struggled to maintain gains made over the weekend.

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According to on-chain analysis firm Glassnode, Bitcoin futures trading activity has remained quiet since the leveraged bets wipeout in October. There are few signs of new speculative positions building up, and overall derivatives trading has slowed. This reflects subdued market sentiment across traders.

Spot exchange-traded funds (ETFs) for Bitcoin saw just $1.15 million in new inflows on Monday, while inflows to Ethereum and Hedera spot ETFs remained flat. In contrast, Solana spot ETFs attracted additional investments even as the overall market declined.

XRP, the native token for Ripple, experienced the largest decline among leading cryptocurrencies, sliding more than 3% in 24 hours and dropping below $2.50. On Stocktwits, retail sentiment for XRP remained in ‘bullish’ territory, with increased discussion activity classified as ‘high’.

Bitcoin’s price dropped 0.9% in 24 hours, trading around $105,000. Retail sentiment for Bitcoin shifted from ‘bullish’ to ‘neutral’, with user engagement returning to typical levels. Ethereum fell 1.6% over the same period, and sentiment on Stocktwits moved from ‘neutral’ to ‘bearish’. Solana’s price decreased roughly 3%, but sentiment rose from ‘extremely bearish’ to ‘bearish’.

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In equities linked to digital assets, shares of Strategy (MSTR), known as the largest corporate holder of Bitcoin, were down 0.75% in pre-market trade. Bitmine Immersion Technologies (BMNR) shares increased by 1.14%, while crypto exchange Coinbase (COIN) dropped nearly 1%.

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