Bitcoin (BTC), Ether (ETH), Sol (SOL) and many major altcoins started the Asian trading day in the red as the week started with volatility.
The CoinDesk Market Index (CMI) fell 4% to 1,743.
Data from Coinglass shows that over $335 million in liquidations occurred in the last 12 hours, with $300 million in long positions being liquidated.
Bitcoin and Ether lead the liquidation heatmap, with over $89 million worth of Bitcoin positions and $74 million worth of Ether liquidated.
On-chain analyst Willy Woo wrote on X that the market could see a correction in Bitcoin prices to $39,700.
The Bitcoin CME gap at 39.7K refers to a situation where the price of Bitcoin on the Chicago Mercantile Exchange skyrocketed, leaving a gap at $39,700. Historically, such gaps usually close, meaning the price often returns to this level. The CME futures market for Bitcoin experiences price differences as its opening hours are aligned with US trading hours, which may result in potential price differences at market open and close.
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