A sudden sell-off over the weekend shook the crypto market, with Bitcoin and Ethereum both slipping sharply amid thin overnight liquidity in U.S. hours. Bitcoin fell 3.31%, dropping from $115.6k to $111.8k, while Ethereum plunged 9.34% in the same period.
The market-wide impact showed in derivatives: Coinalyze data recorded 24-hour Open Interest declines of 4.86% for Bitcoin and 9.6% for Ethereum, and CoinGlass logged roughly $1.7 billion in liquidations across the market — $1.62 billion of which were long positions.
- Bitcoin: -3.31% (from $115.6k to $111.8k)
- Ethereum: -9.34%
- Open Interest: Bitcoin -4.86%, Ethereum -9.6%
- Liquidations: ~ $1.7 billion total; $1.62 billion long positions
Traders point to low liquidity during late-night U.S. hours as the immediate catalyst. Those conditions make the market vulnerable to liquidity hunts and rapid moves; historically, Sunday-night sell-offs often get absorbed as buying pressure returns during the Monday morning New York open.
“Sunday-night sell-offs often get absorbed as buying pressure returns during the Monday morning New York open.”
— The Kobeissi Letter (pattern highlighted by market observers)
Key technical levels to watch are $112.9k and $116.1k for Bitcoin. Crypto analyst Axel Adler Jr emphasized the $112.9k mark from a VWAP perspective: remaining above it would be a moderately bullish signal. Adler’s read also suggests futures pressure has eased and that aggressive long leverage was not dominant ahead of the slide.
At the time of writing, Bitcoin had climbed back to $112.9k, indicating a tentative stabilization.
Bitcoin’s direction remains the primary sentiment driver for the broader crypto market, while sector leaders such as Dogecoin can steer niche flows. Traders should monitor U.S. volume and order flow closely this week — a decisive New York session could determine whether this dip becomes a short-lived liquidity sweep or the start of a deeper correction.
