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XRP, DOGE Lead Crypto Losses as Weekend Pullback in Bitcoin Causes $500M Liquidations
BTC dropped more than 3.5% from its peak, as profit-taking led to a pullback from the near $100,000 mark late Friday.
Updated Nov 25, 2024, 5:51 a.m. Published Nov 25, 2024, 5:27 a.m.
What to know:
- Bitcoin experienced a significant drop from $98,500 to $95,500 on Sunday, triggering a broader market decline.
- The volatility led to over $500 million in futures liquidations, predominantly affecting smaller altcoins and midcap futures.
- Despite the pullback, market sentiment remains optimistic, with analysts still holding a view of bitcoin reaching the landmark $100,000 figure on various catalysts.
Bitcoin pared last week’s gains with a price drop from $98,500 to as low as $95,500 during late U.S. hours on Sunday, before recovering, in a move that sent the broader crypto market tumbling.
BTC dropped more than 3.5% from its peak, with a technical and sentimental pullback on the back of profit-taking, which was widely expected as the token neared the $100K mark.
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XRP and fell more than 5% to lead losses among majors. Solana’s SOL, ether , Cardano’s ADA and BNB fell between 2%-5%, before recovering during early Asian hours Monday. Overall market capitalization fell 2.4%. The broad-based CoinDesk 20 (CD20), a broad-based liquid index tracking top tokens, is down 1.48% in the past 24 hours.
Markets largely recovered during the early Asian hours Monday, bringing down 24-hour losses to under 2% for all major tokens.
However, crypto-tracked futures took a beating with over $500 million in liquidations on both longs and shorts amid the volatility. Over $366 million in longs, or bullish bets, and $127 million in shorts, or bearish bets, were evaporated, Coinglass data shows.
Small altcoins and futures tracking midcaps recorded over $100 million in liquidations, higher than bitcoin or ether, in an unusual move — indicative of higher risk taking among traders.
However, traders don’t consider the pullback concerning.
“It's clear that Bitcoin has been leading the market, a key indicator that much of the demand is driven by institutions buying ETFs. Hitting the $100k mark is very likely in the coming week,” Jeff Mei, COO at crypto exchange BTSE, told CoinDesk in a Telegram message Monday. “We also believe that institutions will start buying into the Ethereum ETFs soon and, hopefully, the Solana ones once they're approved.”
“With the stock market making steady gains and the Trump transition team meeting with a number of crypto executives to discuss pro-crypto policies, it looks promising that this rally will continue into 2025,” Mei added.
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KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
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Lighter trading platform sees $250 million withdrawn 24 hours after airdrop
Bubblemaps CEO says outflows seen on Lighter on Dec. 31 are not uncommon as users rebalance hedging positions and move on to the next farming opportunity.
What to know:
- Approximately $250 million was withdrawn from Lighter after its $675 million LIT token airdrop.
- The withdrawals represent about 20% of Lighter's total value locked, according to Bubblemaps CEO Nicolas Vaiman.
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