Bitcoin showed some resilience but still saw a 5% decline in the past 24 hours, trading just above $95,000.

The crypto market experienced a gradual decline that started over the weekend and accelerated during the early U.S. hours on Monday, dragging almost the entire sector lower.

At the time of writing, Bitcoin (BTC) had retreated to just over $95,000, marking a 5% drop over the past day. Ether (ETH) dropped by 10%, falling to $3,590. The broader CoinDesk 20 Index was down more than 8%, with Cardano (ADA), Avalanche (AVAX), and XRP (XRP) all seeing roughly 20% losses.

According to CoinGlass data, more than $750 million in leveraged derivatives positions were liquidated across all digital assets in the last 24 hours, with the majority being long positions. This liquidation event was similar in scale to the August 5 crash and came just after the sharp decline last Thursday, when Bitcoin dropped from over $100,000 to $90,000.

There are indications of a slowdown in market momentum, including lower exchange volumes and profit-taking from long-term holders, as highlighted by 10x Research in a Monday report. “This could be a brief consolidation phase before the bull market regains its strength,” 10x Research founder Markus Thielen wrote. “However, traders should carefully assess which positions are outperforming and which are underperforming, as the market enters a phase where not every asset will continue to rise.”

Options traders are increasingly positioning themselves for sideways price action through the end of the year, taking profits from earlier bullish positions and potentially extending them into early next year. Digital asset hedge fund QCP noted in their Monday report, “While we remain structurally bullish, spot prices are likely to stay within a range for the rest of the holiday season.”