The crypto market lost $1.5 billion bullish positions amid the sale of Ether and altcoins

On Monday, the crypto market faced a large-scale liquidation of long positions in excess of $1.5 billion, which caused a collapse in quotations of leading digital assets.

Ether fell in price by almost 9%, to $4,075, while liquidations on it reached $500 million, Coinglass data show. Bitcoin fell by 3% to $111,998, and other coins, including Solana and Avalanche, came under pressure.

According to CoinGecko, the market capitalization has dropped below $4 trillion. CryptoQuant analysts noted that the funding rate for perpetual futures on Ether has turned negative for the first time since last year, indicating an increase in short positions.

Despite the sharp decline, bitcoin has been mostly held in the range of $110,100-$120,000 since July, while Ether and Solana have gained 74% and 52%, respectively, since the beginning of summer.