The leading cryptocurrency extended its decline after retreating from the weekend peak of $101,361, with its downturn fueling a wave of forced liquidations. According to Coinglass data, $1.23 billion in leveraged positions were wiped out, including $222 million in bitcoin longs and $221 million in ethereum (ETH) long plays.

Data shows that liquidations accelerated as prices breached key support levels, forcing exchanges to close undercollateralized positions. Ethereum took an even steeper hit during the day’s trading sessions, tumbling 11.3% amid uncertainty surrounding the Trump administration’s newly imposed tariffs.

Bitcoin’s drop marked its most severe single-day decline in weeks, mirroring a broader alignment with risk-on assets, including equities and commodities. The downturn stemmed from waning interest and market activity, profit-taking after a prolonged rally above $100,000, and a slowdown in ETF inflows.

Ethereum’s underperformance remained a persistent theme in 2024 and continues into 2025. Market participants should heed caution because further liquidations could deepen losses, though some interpret the pullback as a temporary correction. With thin weekend liquidity amplifying volatility, traders remain on edge for more turbulence ahead. At press time, BTC is trading for $92,535 per coin.

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