Cryptocurrency markets extended losses over the weekend, with losses widening across major coins and high-beta altcoins as futures liquidations increased following Bitcoin weakness.
Ethereum is the first to bear the brunt. The second-largest cryptocurrency saw about $385 million liquidated in the past 24 hours, the largest of any asset, as its price plunged amid broader risk-off moves. Bitcoin followed suit, suffering liquidations of around $188 million, while losses accelerated for Solana, XRP and long-tail altcoins.
Liquidation data showed the sell-off was one-sided. Long positions accounted for the vast majority of forced exits, while short positions saw almost no liquidation. The imbalance suggests traders are falling into the same tendencies after weeks of range-bound prices and repeated attempts to buy the dip.
The damage is not limited to crypto-native assets. Tokenized commodities also stood out, with blockchain-based silver contracts seeing unusually large liquidations relative to their size.
The presence of the metal alongside Bitcoin and Ethereum suggests that crypto venues are increasingly being used as fast-moving macro trading tracks during times of stress.
Solana and XRP each had more than $45 million in liquidations, while dozens of smaller coins were wiped out as liquidation engines were launched on various exchanges. In the past 24 hours, a total of approximately $974 million was wiped out, and more than 240,000 traders were forced to close their positions.
Price movements in major currencies reflected the pressure. Bitcoin fell towards the low $80,000 area, Ethereum broke through key short-term levels, and altcoins fell faster, increasing their susceptibility to leverage cycles.
With liquidity dwindling and risk appetite weakening over the weekend, the move looks less like a panic and more like a mechanical reset.
Whether this clears the way for stabilization or opens the door to another round of declines will depend on how quickly leverage rebuilds once markets fully reopen.
