ETH Price Drop Leads $1.6B Crypto Liquidation DOGE, SOL, ADA Hit Hardest

Ethereum (ETH) led crypto markets lower Monday, with futures liquidations hitting $1.68 billion over the past 24 hours, deepening a broad selloff across digital assets. 

Ether's price dropped 6.6% to around $4,187, with retail sentiment trending in 'bearish' territory on Stocktwits. The wave of liquidations, which Coinglass data showed was dominated by long positions totaling around $1.6 billion, came amid the typical end-of-weekend pressure that has plagued crypto markets for the past year, according to the Kobeissi Letter. Short bets accounted for just $85 million of the wipeout. 

Ethereum suffered the steepest losses, with about $5.6 million in leveraged positions erased, followed by Bitcoin (BTC) with $2.3 million. Glassnode noted that most Bitcoin liquidations were triggered once prices fell below $115,000, with the heaviest concentration in the $113,000–$114,000 band where leverage was“most vulnerable.”

Bitcoin's price was trading at $112,484, down 2.7% on the day, while overall crypto market capitalization slid nearly 4% to below $4 trillion. Retail sentiment around the apex cryptocurrency remained in 'neutral' territory over the past day on Stocktwits. 

Among major altcoins, Dogecoin's price fell nearly 11% in the last 24 hours, with retail sentiment on Stocktwits slipping to 'neutral' from 'bullish' territory and chatter falling to 'normal' from 'high' levels over the past day. Meanwhile, Solana's (SOL) price and Cardano's (ADA) price both fell more than 6.5%. Retail sentiment around Solana dipped to 'neutral' from 'bullish' territory, while retail sentiment around Cardano remained in the 'bearish' zone.

Crypto-linked equities mirrored the downturn in pre-market trading. Strategy (MSTR) slipped about 2.3%, Bitmine Immersion (BMNR)-the largest publicly traded Ethereum holder-fell nearly 6%, Coinbase (COIN) dropped 2.7%, and Bitcoin miners Marathon Digital (MARA) and Riot Platforms (RIOT) lost 3.3% and 2%, respectively.

Read also: Nasdaq Futures Edge Lower On Monday Morning: FOXA, ORCL, TSLA, COIN Among Stocks To Watch

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