Ether Drops to $3.8K as Over $12.5M in Futures Get Liquidated
The second-largest cryptocurrency by market cap saw the most futures liquidation during early Asian hours.

Ether saw a volatile session in early Asian hours on Monday even as the broader market slightly declined, according to data from analytics tool Coinglass.
Prices fell nearly $100 to $3,840, a 3% drop in 24 hours, following a muted weekend and a slight slide in top cryptocurrencies on Monday.
However, the relatively small price movements saw traders take on a big hit. Some $12.7 million worth of ether futures were liquidated on Monday morning alone, double the $6 million figure of bitcoin liquidations.
Coinglass analytics showed $11.9 million worth of liquidations originated from ‘long’ traders, or those borrowing from exchanges to bet on higher ether prices. Ninety-two percent of all traders were long ether Monday morning, and 50% of the liquidations took place on crypto exchange OKEx, which accounted for over $4.9 million in liquidations.
Liquidations occur when an exchange forcefully closes a trader’s leveraged position as a safety mechanism due to a partial or total loss of the trader’s initial margin. These happen primarily in futures trading, which only tracks asset prices, as opposed to spot trading, where traders own the actual assets.
Elsewhere, prices of XRP jumped 10% from $0.82 to $0.91 during Asian hours. Traders took profits at those levels and prices then retracted to $0.87 in early European hours.
The volatility saw liquidations reach $2 million in Asian hours. No immediate fundamental updates for XRP were released on Sunday night or Monday morning that could have contributed to the move.
The Monday morning session saw $40 million in liquidations overall, contributing to over $152 million in liquidations over the past 24 hours. Crypto markets saw a slide in early Asian hours following reports of bond defaults and weakening privatization of real estate in China.
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Exchange Review - March 2025

CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
What to know:
Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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