Monday opened red for crypto markets, with the total market capitalization slipping below $4 trillion, down 3.7% today, as Bitcoin failed to hold last week\u2019s gains, despite the Fed\u2019s long-anticipated 25 basis points rate cut.<\/p>\n
Data from The Defiant\u2019s price page shows Bitcoin (BTC<\/a>) trading near $112,800, down 2.5% on the day, after failing to stay above the $113,000 level and losing last week\u2019s gains. Ethereum (ETH<\/a>) saw a steeper drop of 6.4% on the day, and is currently trading near $4,190.<\/p>\n All of the top-30 tokens by market capitalization are solidly in the red today. Among the top-10 large-caps, the biggest losers today are Dogecoin (DOGE<\/a>), down nearly 10%, and Solana (SOL<\/a>), down over 7%. DOGE has reversed most of its gains from the past couple of weeks, after a surge driven by anticipation of the first spot exchange-traded fund for the asset, which launched last week<\/a> after multiple delays. <\/p>\n Meanwhile, XRP<\/a> is down over 5% today at $2.85, while BNB<\/a> is down a more modest 3.9% on the day, but still up over 11% on the week \u2014 holding onto its gains from last week<\/a> and still above the $1,000 mark.<\/p>\n Analysts at Glassnode noted in an X post<\/a> today that Bitcoin saw over $100 million in long liquidations as the price dropped below $115,000, triggering \u201cclustered liquidation levels.\u201d Liquidation heatmap data posted by Glassnode highlights concentrations around $113,000-$114,000, the analysts noted, adding that that range is \u201cwhere leverage was most vulnerable.\u201d<\/p>\n At the same time, analysts at blockchain analytics firm Keyrock noted in a Monday research report<\/a> that the macro backdrop today \u201ccarries echoes of 2019,\u201d when softening growth clashed with stubborn inflation signals and a labor market that was starting to wobble.<\/p>\n \u201cThat mix raises the risk of a stagflation, where weak growth collides with elevated prices, squeezing consumers and dragging on the broader economy. In such conditions, leaning too heavily on risk assets can leave portfolios vulnerable,\u201d the analysts wrote in today\u2019s report.<\/p>\n Among spot crypto ETFs, Bitcoin ETFs pulled in more than $886 million in fresh net inflows last week, while spot Ethereum ETFs over the same timeframe added another $556 million, per data from SoSoValue<\/a>.<\/p>\n Over the past 24 hours, the market saw over $1.7 billion in leveraged positions liquidated, the vast majority of which were long positions as prices plunged sharply, marking<\/a> the largest long liquidation event so far this year. <\/p>\n The liquidations were concentrated around ETH, which led with over $503 million wiped out, followed by BTC at $287.6 million, while other altcoins saw $260 million in liquidations, Coinglass<\/a> data shows.<\/p>\n On the macro front, after the U.S. Federal Reserve cut interest rates<\/a> 0.25% last week amid signs of a weakening labor market, analysts at Coinbase wrote in a Friday markets research piece<\/a> that the current conditions \u201csupport a risk-on stance in markets\u2014at least until further data emerges which may introduce additional nuance to the Fed\u2019s forward guidance.\u201d<\/p>\nLiquidations, ETFs and Macro<\/h2>\n
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