Crypto Market Suffers in a Widespread Selloff, Causing 20% Losses Across Multiple Altcoins.

Bitcoin held up relatively better but still saw a 5% drop in the last 24 hours, trading just above $95,000.

The crypto market experienced a gradual decline that started late in the weekend and picked up pace into the early hours of Monday in the U.S., resulting in significant losses across most of the sector.

At the time of writing, Bitcoin (BTC) was hovering just above $95,000, reflecting a 5% decline over the past 24 hours. Ether (ETH) fared worse, dropping 10% to $3,590. The broader CoinDesk 20 Index fell by over 8%, with Cardano (ADA), Avalanche (AVAX), and XRP (XRP) each losing around 20%.

Data from CoinGlass revealed that more than $750 million worth of leveraged derivatives positions were liquidated across the market in the past day, with the vast majority being bullish positions. This level of liquidation is almost on par with the crash on August 5 and trails the sharp drop from last Thursday, when Bitcoin fell from over $100,000 to $90,000.

There are signs of a slowdown in market momentum, with exchange volumes decreasing and long-term holders locking in profits, according to 10x Research in a Monday morning note. “This could be a brief consolidation phase before the bull market regains its momentum,” wrote 10x Research founder Markus Thielen. “However, traders should be selective in choosing positions to focus on, as not all assets will continue to rise during this phase.”

Options traders are adjusting their strategies for sideways price action through the end of the year, taking profits on prior bullish bets and possibly rolling them over into early next year. Digital asset hedge fund QCP noted in a Monday report, “While our long-term outlook remains bullish, we expect spot prices to trade within a range for the remainder of the holiday season.”