Bitcoin (BTC) retraced from $98,500 to $95,500 late Sunday, erasing a portion of last week’s gains before bouncing back. The dip, spurred by profit-taking as BTC approached the $100K milestone, triggered a wave of losses across the crypto market.

XRP and Dogecoin (DOGE) posted the largest declines among major tokens, falling over 5%, while Solana (SOL), Ethereum (ETH), Cardano (ADA), and Binance Coin (BNB) shed 2% to 5%. The CoinDesk 20 Index dropped 1.48%, and the total market capitalization decreased by 2.4%, though partial recoveries emerged during early Asian trading hours.

Crypto futures saw heightened volatility, with liquidations exceeding $500 million—$366 million in long positions and $127 million in shorts. Notably, smaller altcoins and mid-cap tokens accounted for over $100 million of these liquidations, underscoring a surge in speculative activity.

Market sentiment remains optimistic despite the downturn. BTSE COO Jeff Mei remarked, “Institutional demand via ETFs continues to support Bitcoin, making $100K a strong possibility this week.” Mei also predicted increased interest in Ethereum ETFs and potential Solana ETFs upon approval.

With steady gains in equity markets and reports of pro-crypto policy discussions from the Trump transition team, Mei noted that the market rally could extend well into 2025, buoyed by institutional support and positive macro developments.