The crypto market turned lower early Thursday, with sharp losses in ether and bitcoin fueling widespread liquidations.
Ether (ETH) slid more than 3%, breaking below the $4,000 level and triggering heavy liquidations, including a multimillion-dollar hit for a large whale. Bitcoin (BTC) dropped 1.5% to $115,600, nearly erasing Wednesday’s rebound.
Altcoins were hit even harder. Recent outperformers such as ASTR, AVAX, and PUMP fell by double digits over the past 24 hours. The sell-off coincided with declines in Nasdaq and S&P 500 futures, as traders priced in rising risks of a potential U.S. government shutdown.
Risk Sentiment Shifts
Market watchers suggest crypto may once again be acting as a leading indicator for broader markets.
“Crypto is once again signaling shifts in risk appetite,” said Alex Kuptsikevich, chief market analyst at FXPro. “Altcoins and smaller developed market currencies have been weakening since the Federal Reserve’s rate cut last week, and major U.S. indices began following this trend from Tuesday onward.”
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