Major cryptocurrencies showed little movement on Monday, with Bitcoin and Dogecoin holding steady while Ethereum and XRP dipped slightly. Bitcoin traded between $73,700 and $75,500, settling at $74,922.04, up 0.20%. Ethereum fell 0.30% to $2,122.33, and XRP dropped 0.90% to $1.10. Dogecoin bucked the trend with a 0.80% gain, closing at $0.06985.
The broader crypto market saw over $275 million in liquidations, with $176 million coming from bullish long positions. Despite the sell-off, Bitcoin’s open interest rose 2.35%, and retail and whale traders on Binance remained net long. Analysts noted that short-term holders were selling at a loss, while long-term stakeholders accumulated more BTC.
On-chain analytics firm CryptoQuant highlighted that Bitcoin’s Spent Output Profit Ratio for short-term holders remained below 1, indicating losses. However, the Market Value to Realized Value ratio stood at 1.40, suggesting unrealized gains in the broader market. Santiment reported that wallets holding 1-10 BTC and 10-100 BTC added over 14,000 BTC during the sell-off, calling it a bullish signal.
Meanwhile, traditional markets saw gains, with the Dow Jones, S&P 500, and Nasdaq Composite all rising. The United States Oil Fund fell 3.87% as tensions with Iran eased slightly. Analysts emphasized that a lasting recovery in Bitcoin would require sustained buying and a rebound in stablecoin reserves.