Another bout of volatility in crypto markets resulted in a big trader shakeout on Monday, with liquidations crossing the $810 million mark over the last 24 hours.

Bitcoin slipped below the $110,000 mark just after 9:30 p.m., slipping 3% in the last day. Ether saw a deeper selloff, dropping more than 7% over the same period to an intraday low of $4,316.

Dr. Sean Dawson, head of research at onchain options platform Derive.xyz, attributed the move to “overleveraged positioning, particularly following ETH’s recent run-up.”

Dawson also pointed out that short-dated volatility has spiked sharply across the board, which “reflects rising trader anxiety ahead of key macroeconomic catalysts.”

This story is an excerpt from the Unchained Daily newsletter.

“Bitcoin has spent less than ~3 days at this price level. It’s healthy to revisit and spend some time here,” said Joe Consorti, head of growth at Bitcoin infrastructure firm Theya.

“We’re entering the weakest month for BTC seasonally, which is followed by its (historically) two best months. Go outside, touch grass, breathe, enjoy life.”

Lastly, Dawson highlighted that traders “appear to be bracing for potential retests of $4K for ETH and $100K for BTC,” and that “the path ahead could be bumpier than many were positioned for.”