Crypto markets extended their weekend slide with losses widening across major tokens and high-beta altcoins as futures liquidations piled up following weakness in bitcoin.
Ether bore the brunt of the damage. The second-largest cryptocurrency saw about $385 million in liquidations over the past 24 hours, the largest of any asset, as its price fell sharply alongside a broader risk-off move. Bitcoin followed with around $188 million in liquidations, while losses accelerated across solana, XRP and a long tail of altcoins.
Liquidation data shows that sales were skewed one-sided. Long positions accounted for the vast majority of forced exits, with short liquidations barely registered. This imbalance points to traders getting caught leaning in the same way after weeks of range-bound price action and repeated attempts to buy dips.
The damage was not limited to crypto-native assets. Tokenized commodities were also prominent, with blockchain-based silver contracts having unusually large liquidations for their size.
The presence of metals alongside bitcoin and ether is a sign of how crypto venues are increasingly being used as quick macro trading rails in times of stress.
Solana and XRP each saw more than $45 million in liquidations, while dozens of smaller tokens were swept up as liquidation engines were fired across exchanges. In total, about $974 million was wiped out over the past 24 hours, with more than 240,000 traders forced out of positions.
Price measures across large companies reflected the pressure. Bitcoin slipped towards the low-$80,000 range, ether broke key near-term levels and altcoins fell at a faster pace, reinforcing their sensitivity to leverage cycles.
With liquidity thinner over the weekend and risk appetite declining, the move looked less like panic and more like a mechanical reset.
Whether that clears the way for stabilization or opens the door to another leg lower depends on how quickly leverage is rebuilt when markets fully reopen.
