Bloody Start to the Week Sees Solana, Dogecoin, and XRP Fall 10%, With $770M in Long Liquidations

Bitcoin-linked products experienced a massive sell-off, with traders incurring losses of $238 million in just the last 24 hours, largely driven by significant losses in early European and Asian afternoon trading hours.

This downturn came as Bitcoin’s price fell below the $100,000 mark, leading to a $770 million loss for those holding bullish bets on the cryptocurrency, marking a rough start to the week across the broader market.

Solana (SOL) and Dogecoin (DOGE) led the charge with losses greater than 10%, while Ethereum (ETH), BNB (BNB), XRP (XRP), and Cardano (ADA) followed closely behind, losing up to 9%. The total market cap dropped by 8.5% as of Monday afternoon in Asia.

Tokens from sectors outside the top 20 also saw significant declines, with memecoins like PEPE, blockchain platform Aptos (APT), Gate.io’s GATE token, and AI-driven platform Virtuals (VIRTUALS) plummeting by as much as 18%.

In a stark contrast, Jupiter (JUP) emerged as the only token in the green, rising 3.5% in the past 24 hours. This was driven by the platform’s announcement of a token buyback initiative using the fees it generates, potentially leading to hundreds of millions in net buying volumes throughout the year.

Bitcoin’s price dipped below $99,000 on Monday, as traders took profits in anticipation of the U.S. Federal Open Market Committee (FOMC) meeting. The loss was mirrored by declines in U.S. stock futures, with markets reacting to the potential disruption caused by China-based DeepSeek, an emerging AI model that threatens to upend the valuation of established U.S. tech firms.

Futures markets showed similar losses, with Bitcoin-linked products losing $238 million, while Solana and Dogecoin bets shed $50 million. Altcoin-focused products saw $138 million in losses, and Ether futures dropped by $84 million.

The largest liquidation was on HTX, where a Bitcoin tether-margined trade, valued at $98.4 million, was closed.

In crypto markets, liquidations occur when traders are unable to meet margin requirements to maintain leveraged positions. High liquidation volumes typically mark areas of potential support or resistance, with price movements often reversing as the selling pressure subsides.

As the market continues to trend downward, short-sellers may see this as an opportunity to double down, while contrarian traders might view the mass liquidation as an opportunity to enter long positions in anticipation of a price recovery.