Crypto stocks experienced significant declines during pre-market trading on Monday as Bitcoin (BTC) and major altcoins faced sustained selling pressure. This market movement resulted in massive liquidations totaling $1.6 billion across cryptocurrency derivatives platforms.
Leading crypto exchange Coinbase (COIN) dropped 3% in pre-market activity, while Bitcoin-focused company MicroStrategy (MSTR) declined 2.3%. Mining operations Mara Holdings (MARA) and Japanese crypto firm Metaplanet (TYO: 3350) both suffered losses exceeding 3%.
Crypto treasury companies faced even steeper declines, with Solana-focused Forward Industries (FORD) plummeting 5% and Ethereum-oriented BitMine (BMNR) falling 3.9% during pre-market sessions.
The equity sell-off follows a challenging weekly opening for cryptocurrency markets during Asian trading hours. Bitcoin showed a 2.3% decrease while Ethereum (ETH) declined 6.4%, with numerous altcoins experiencing double-digit percentage losses.
This market reversal represents a consolidation phase after last week's gains, which occurred alongside the Federal Reserve's decision to implement a 25 basis point interest rate reduction.
According to CoinGlass data, the market downturn triggered widespread position unwinding, including $500 million in Ethereum derivatives liquidations within the past 24-hour period.