Bitcoin, Ethereum, and XRP collectively hit weekly lows, with the crypto market liquidations exceeding $500 million

The cryptocurrency market has been under continuous pressure recently, and the so-called “Christmas rally” is becoming increasingly unlikely. On Monday, major digital assets such as Bitcoin, Ethereum, and Ripple (XRP) all declined, with prices falling to at least a one-week low, and the derivatives market liquidation scale also significantly expanded.

Data shows that Bitcoin fell over 3% in the past 24 hours, with its price dropping from nearly $90,000 in early Monday trading to a low of $85,833, hitting a new low since early December. Ethereum also performed weakly, declining more than 4% intra-day to $2,955; Ripple dropped about 4.5%, falling back to $1.90, also hitting a new low since December. Over the past week, almost all of the top ten cryptocurrencies by market cap, except stablecoins, have weakened.

The price decline directly triggered a chain reaction in the leveraged market. According to CoinGlass data, the total liquidation amount in the crypto market over the past 24 hours reached $573 million, with long positions dominating, accounting for approximately $486 million in liquidations, reflecting that market bets on a rebound are being rapidly cleared.

Looking at specific assets, Bitcoin had the highest liquidation amount at $205 million; Ethereum followed closely with about $156 million. Overall, the total market capitalization of cryptocurrencies decreased by over 3% in the past 24 hours, with market sentiment clearly weakening.

In contrast, traditional stock market volatility has been relatively mild. On Monday, the S&P 500 index in the US stock market fell only 0.1%, and the Nasdaq index declined about 0.3%. However, stocks highly correlated with the crypto industry performed more dramatically, with several crypto-related stocks experiencing significant pullbacks.

Bitcoin miner CleanSpark dropped about 15% on the day, crypto trading platform Gemini fell approximately 12%, and Ethereum treasury company BitMine Immersion Technologies declined about 8%. COIN dropped over 5%, while Robinhood’s decline was relatively small, less than 2%.

Market outlooks also continue to cool down. Data from the prediction market platform Myriad shows that user confidence in a “Christmas rally” next week has significantly decreased, with the current probability estimated at less than 8%, compared to nearly 20% a week ago. Overall, under macro uncertainties and liquidity pressures, the crypto market still faces considerable short-term volatility risks.