Today's long settlement is about $770 million, approaching a monthly high

Crypto markets experienced major long liquidations on Monday totaling around $770 million, nearing the January 18 monthly high. SOL and DOGE led the mainstream down more than 10 percent, while Ethereum (ETH), BNB, XRP, and Cardano (ADA) also fell 9 percent.
Crypto's overall market capitalization fell 8.5% in the Asian afternoon trading session on Monday. According to Coinglass data, the Bitcoin futures market lost $238 million in the past 24 hours, including a combined loss of $50 million for long positions in SOL and DOGE, a loss of $138 million for counterfeit products futures, and a loss of $84 million for Ethereum futures. HTX had its largest single clearing order, with a bitcoin trade worth $98.40 million being position squaring.



The analysis points out that large-scale liquidations may indicate excessive leverage in the market, and this correction may provide clues to market positioning and sentiment. At the same time, the price area where large-scale liquidations occur may become a future support or resistance level. Whether the market continues to decline will depend on the increase in short positions and the bottom fishing behavior of contrarian investors.