On Monday, the crypto market saw one of the biggest liquidations of the year as nearly $2 billion in positions were closed. CoinGlass data shows that over 370,000 traders were liquidated with a total loss of around $1.8 billion in 24 hours.
Most positions were concentrated in Bitcoin and Ether, while altcoins were also widely affected. The total crypto market value lost over $150 billion, falling to a two-week low of $3.95 trillion.
Bitcoin fell below $112,000 on Coinbase, while Ether fell below $4,150, the biggest drop since mid-August.
For now, the market appears to be stable with temporary support in the major assets, but the risk of further corrections remains if the pattern of September weakness repeats.
Real Vision founder Raoul Pal explained that this phenomenon is not new, where markets often try to break through resistance with excessive leverage, fail on initial attempts, and then trigger a wave of liquidations before they actually happen.
Meanwhile, IG market analyst Tony Sycamore told Cointelegraph that Bitcoin has not been moving in line with tech stocks or gold recently.
He said this is largely driven by technical factors, with the market needing more time to absorb the huge gains since hitting its August high of $125,000 and ease overbought pressure.
BTC has fallen in 8 of the 13 months of September, but is still up nearly 4% this month, while historically showing stronger performance in .
