So much for a quiet weekend. Major cryptocurrencies took a dive Sunday night, erasing gains that looked pretty solid just hours earlier. Bitcoin (BTC) dropped nearly 4% to $87,506, while the rest of the crypto market followed suit with even steeper losses.

Here's how the damage looked as of 8:25 p.m. ET:

November Ends on a Sour Note

Bitcoin caught what you might call the Monday blues a bit early, sliding to $87,000 overnight after spending the weekend holding relatively steady. The weird part? It briefly pushed past $91,000 Sunday morning before reversing course sharply.

The sudden decline sent shockwaves through the broader market. Ethereum (ETH) tumbled from above $3,000 to the mid-$2,800s, and pretty much everything else followed the same script.

Both Bitcoin and Ethereum are closing out November in the red, down 17.49% and 22.38% respectively. That's a brutal turnaround compared to the strong gains we saw in November 2024 and 2023, when the crypto markets were riding high.

The pain wasn't just theoretical. According to Coinglass, cryptocurrency liquidations reached $539 million over the last 24 hours. Of that total, $473 million came from long positions getting wiped out, which tells you how many traders were betting on continued upside when the floor fell out.

Bitcoin's open interest dropped 1.77% in the last 24 hours and fell 3.3% over the week. Interestingly, three out of every four Binance traders with open Bitcoin positions were still long on the asset, suggesting plenty of people remain optimistic despite the selloff.

The market sentiment told a different story, though. The Crypto Fear & Greed Index showed "Extreme Fear" gripping the market as traders processed the decline.

A Few Bright Spots in the Carnage

Not everything crashed. A handful of smaller cryptocurrencies managed to post solid gains over the same 24-hour period:

The global cryptocurrency market capitalization stood at $2.99 trillion after declining 3.28% in the last 24 hours.

Stock Futures Take a Hit Too

The crypto selloff wasn't happening in isolation. Stock futures dropped Sunday evening, with the Dow Jones Industrial Average Futures falling 133 points, or 0.28%, as of 7:48 p.m. EDT. Futures tied to the S&P 500 sank 0.44%, while Nasdaq 100 Futures lost 0.62%.

This came after a pretty strong holiday-shortened week. The S&P 500 and Nasdaq Composite posted gains of 3.7% and 3.1% respectively, fueled by growing expectations that we'll see a rate cut in December.

Can Bitcoin Hit $100K This Month?

Despite the Sunday night slump, some prominent analysts remain bullish on Bitcoin's near-term prospects. Michaël van de Poppe, a widely followed cryptocurrency analyst and trader, dismissed the brief Sunday uptick in Bitcoin as "fake."

"However, I do expect the breakout upwards to happen in the coming 1-2 weeks as we're on the edge of reversing back upwards. $100,000 in December," van de Poppe stated.

Meanwhile, Ali Martinez, another well-known cryptocurrency commentator, identified Bitcoin's "potential bottom" at $45,880 based on the Cumulative Value Days Destroyed indicator.

That metric tracks selling activity from long-term holders, measuring both how many BTC are moved and how long those coins sat idle before moving. It's designed to help identify market tops and bottoms by spotting when conviction holders finally capitulate or accumulate.

Whether Bitcoin actually reaches $100,000 in December remains to be seen, but the path there just got a lot steeper after Sunday's stumble.