Ethereum’s slip below $4,300 set off a chain reaction across crypto markets Monday morning, wiping out more than $487 million in long positions and leaving altcoins bleeding.

Hyperliquid (HYPE) plummeted 8.7% to $43.38 while Sui (SUI) crashed 7.3% to $3.55, leading a brutal selloff across altcoins.

Ethereum (ETH) shed 5.4%, Solana (SOL) tumbled 5.6%, and Cardano (ADA) declined 6.2%, according to CoinGecko data.

XRP (XRP) fell 4.5%, Stellar (XLM) dropped 5.4%, and Dogecoin (DOGE) retreated 4.6% in the last 24 hours.

“This looks like a fairly natural pullback after the strong run many cryptocurrencies had seen in recent weeks, with liquidations amplifying the downside across the market,” Nansen analyst Nicolai Sondergaard told Decrypt.

“Since altcoins tend to react more sharply during these periods, tokens like HYPE and SUI experienced even steeper declines,” Sondergaard noted, pointing out that Bitcoin’s sell-off triggered the declines.

Traders brace for Jackson Hole meeting

The liquidation cascade comes ahead of Thursday's Jackson Hole symposium, with QCP Capital analysts sharing in their latest report how "some traders believe that the overnight washout reflects de‑risking ahead of the symposium," where Fed Chair Jerome Powell takes the stage.

Held each August in Jackson Hole, Wyoming, the symposium gathers the Fed, global central bankers, and policymakers.

QCP analysts added that "BTC funding rates had been warning of trouble" with rates turning negative by Saturday despite spot prices rising over the weekend.

"The U.S. PPI came in higher than expected, forcing markets to quickly scale back September rate-cut bets that earlier signs of labor market softness had elevated," Dan Chen, analyst at crypto exchange Bitunix, told Decrypt.

Chen called the selloff "a corrective pullback within an uptrend" and said the market may consolidate through Jackson Hole if Ethereum "can hold support near $4,150" before resuming its advance.



However, he warned that "a breakdown risks further cascading liquidations with downside targets in the $3.9k–$3.6k range, where altcoins—especially HYPE and SUI—are likely to stay relatively weaker."

Some 75% of Ethereum's $206.79 million in liquidations in the last 24 hours came from long positions, totaling more than $180.52 million, according to CoinGlass data.

"The mounting queue of soon-to-be-unstaked ETH could be driving the asset's recent retracement," Juan Leon, Bitwise Senior Investment Strategist, previously told Decrypt.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。