Markets
59 of 61: Crypto Starts the Week With an Almost Clean Sweep of Losses
By 05:00 UTC on Monday, all but two of the large coins we track were below Sunday's close. Bitcoin and Ether were down about 1.5%, the median coin about 3.6%, and some of last week's leaders a lot more.
The week has started in the red. Between midnight UTC and about 05:00 on Monday, September 28, 59 of the 61 crypto assets we follow on Binance fell, 39 of them by more than 3%. Only Sei, up 2.8%, and Tron, up 0.2%, were higher. The median move was a decline of about 3.6%.
The largest coins held up best. Bitcoin slipped 1.5% to about $83,200, Ether 1.5% to around $2,650, BNB 1.4% and Solana 2.2%. The heaviest losses were among smaller tokens, and several of them were names that had rallied hardest in the previous seven days: The Graph down 9.8% after a 30% jump on Sunday; Jupiter down 7.5%; Celestia and Immutable both down 7.4%, with Immutable at one point 10.7% lower; Bitcoin Cash down 5.2%, giving back part of a 31% weekly gain.
Nothing about the move looks like panic. There was no single collapse: for most coins the worst hour of the morning was a drop of 1-2.5%, and the declines accumulated steadily through the Asian session. It reads more like profit-taking after a strong week — the median large coin had gained about 12% in the seven days to Sunday — with the most stretched charts giving back the most.
Early-Monday moves in crypto often reflect traders in Asia reacting to the weekend before Europe and the US are fully at their desks, and they don't always set the tone for the rest of the day. Outside crypto, tokenized gold fell 1.4% to its lowest level since early August, while EUR/USD was flat around 1.139.