Crypto Sinks as $1.5-B in Bullish Bets Burned

Cryptocurrency traders saw more than $1.5 billion in bullish wagers liquidated on Monday, triggering a sharp selloff that sent Ether and other tokens plunging, Sidharta Shukla and Suvashree Ghosh reported for Bloomberg News.

This was the largest wave of liquidations across cryptocurrencies since at least March 27

Ether fell as much as 9% to $4,075 as nearly half a billion dollars of leveraged long positions in the second-largest token were liquidated, according to data from Coinglass. Bitcoin declined 3% to $111,998 at one point.

Coins like Solana, Algorand, and Avalanche also dropped. It was the largest wave of liquidations across cryptocurrencies since at least March 27, the Coinglass data show.

There was no clear trigger for the selloff, but analysts noted its breadth and depth.

“The market is digesting one of the largest liquidation events of the year,” said Timothy Misir, head of research at BRN. “While structural support from ETFs and institutions remains intact, the short-term setup is fragile.”

Unless Bitcoin climbs back above $115,000 and holds, Misir warned of a risk of “deeper downside.”

Demand from publicly listed vehicles set up to hoard tokens helped drive Bitcoin and Ether to record highs in August. That momentum has since faded as shares of digital-asset treasury firms ranging from Michael Saylor’s Strategy to Japan’s Metaplanet Inc. retreated.