Due to increased selling pressure and a stronger dollar, over $400 million in bullish bets were liquidated, resulting in major tokens falling as much as 8% in the last day.
Ether (ETH), Cardano's ADA, and BNB Chain's BNB all experienced losses similar to that of bitcoin, which dropped by 5% according to data. Dogecoin (DOGE) fell more than 8%, while Solana's SOL fell 7% to trade at $185 after briefly topping $200 on Monday. Bitcoin Cash's value dropped 10% due to people selling it to make a profit. This happened after it had increased by 40% the week before due to excitement about the upcoming halving event on April 4.
The widely-used CoinDesk 20, a liquid index that tracks popular tokens minus stablecoins, fell by slightly more than 5%. Liquidations for long positions amounted to over $400 million, while short positions resulted in a much smaller $85 million. When a trader does not have enough money to close a leveraged trade, a liquidation occurs.
Bitfinex's analysts said that long-term investors have sold off assets in the last week, and they expect bitcoin to remain within a specific price range in the coming weeks. Bitfinex believes that bitcoin will likely maintain a stable value because inactive supply is being sold, particularly by Long-Term Holders (LTHs), although the scale of this is smaller compared to previous market peaks.
The analysts also noted that the LTH cohort—those with Bitcoin holdings for longer than 155 days—showed signs of strategic profit-taking. The broader markets show caution against riskier assets, and bitcoin is facing resistance at the $71,000 level, according to a message from FxPro senior market analyst Alex Kuptsikevich.
