Crypto stocks slipped in premarket trading as bitcoin dropped to $103,000. Bitcoin Depot fell 9%; Bitfarms fell 6%; TeraWulf and Cantor Equity Partners fell 5%; Canaan, Bit Digital, Coinbase, and Hut 8 fell 4%; CleanSpark and MARA Holdings fell 3%; Riot Platforms and Strategy fell 2%.
Over $600 million in crypto derivatives positions have been liquidated since late Sunday as bitcoin (BTC) staged a sharp rally past $106,000 in the wee hours, only to reverse course and dump back to near $103,000, catching both bulls and bears off guard.
The move began around 21:00 UTC on Sunday, when bitcoin spiked more than $2,500 in less than an hour — a pattern that can be attributed to thin weekend liquidity and potential algorithmic buying triggered by technical levels.