Crypto Market Plunges: Bitcoin Dips Below $90K, Aave and Sui Lead Top Losers

The cryptocurrency market experienced its most severe sell-off of the year so far, with Bitcoin dipping below $90,000. Aave (AAVE) and Sui (SUI) led the top losers among the top 100 coins by market capitalization, plunging by 16% and 15% respectively. Most altcoins also suffered double-digit losses.

As the broader market witnessed a sell-off, Aave and Sui stood out as the biggest losers among the top 100 largest coins by market cap. In the past 24 hours, total liquidations surpassed $1.34 billion, leading to a significant drop in AAVE and SUI prices, which fell by more than 15% each. AAVE was trading around $197, while SUI changed hands at $2.72.

Bitcoin, which traded above $96,000 earlier in the day, plummeted to lows of $88,600. The fear and greed index hit 25, indicating extreme fear. According to IntoTheBlock, BTC's brief dive below $90,000 saw roughly 12% of all Bitcoin addresses fall into a loss, marking the highest unrealized loss numbers for Bitcoin addresses since October 2024.

Bitcoin's brief drop below $90,000 led to a significant increase in the percentage of addresses holding at a loss. Meanwhile, Ethereum (ETH) fell below $2,340, threatening a further bloodbath for the top altcoin if downward pressure picked up fresh momentum. Solana (SOL) sold off to below $135 as whales continued to offload the asset, with a whale depositing 96,155 SOL worth over $13.4 million to Binance. XRP, Litecoin, and Cardano also registered double-digit losses in the past 24-hour time frame.

The question on many traders' minds is whether the crypto liquidity has dried up. Factors such as the $1.4 billion Bybit hack, President Trump's tariffs announcement on Monday, and the impact of meme coin scandals like LIBRA appear to have contributed to the sell-off. These events have watered down positive news and led to increased outflows from BTC and