Crypto markets extended their weekend slide with losses widening across major tokens and high-beta altcoins as futures selloffs piled up following weakness in bitcoin.
Ether was the most affected by the damage. The second-largest cryptocurrency saw approximately $385 million in liquidations in the past 24 hours, the largest of any asset, as its price fell sharply alongside a broader risk-aversion movement. Bitcoin followed with around $188 million in liquidations, while losses accelerated in Solana, XRP and a long tail of altcoins.
The settlement data shows that the settlement was unilaterally biased. Long positions accounted for the vast majority of forced exits, with hardly any short liquidations. That imbalance points to traders being stuck leaning in the same direction after weeks of range-bound price action and repeated attempts to buy dips.
The damage was not limited to crypto-native assets. Tokenized commodities also featured prominently, with blockchain-based silver contracts recording unusually large liquidations relative to their size.
The presence of metals alongside bitcoin and ether is indicative of how crypto venues are increasingly being used as fast-moving macroeconomic trading avenues during periods of stress.
Solana and In total, approximately $974 million was wiped out in the last 24 hours, and more than 240,000 traders were forced to abandon their positions.
Price action in major currencies reflected the pressure. Bitcoin fell towards the low $80,000 zone, ether broke key short-term levels and altcoins fell at a faster pace, reinforcing their sensitivity to leverage cycles.
With liquidity becoming tighter over the weekend and risk appetite fading, the move seemed less like panic and more like a mechanical reset.
Whether that clears the way for stabilization or opens the door to another leg lower will depend on how quickly leverage is rebuilt once markets fully reopen.
