Monday was rough for crypto investors. Like, really rough. The kind of day where you maybe avoid checking your portfolio until tomorrow.

Bitcoin (BTC) led the carnage, sinking 3.20% to $91,828.39 as of 8:25 p.m. ET. Ethereum (ETH) wasn't far behind with a 2.19% decline to $3,031.90. XRP (XRP) dropped 3.56% to $2.15, Solana (SOL) fell 4.85% to $131.86, and Dogecoin (DOGE) slid 4.21% to $0.1527.

The selling hit cryptocurrencies and traditional stocks alike, painting the entire risk asset landscape red.

When Fear Takes Over

Bitcoin's troubles deepened as the leading cryptocurrency collapsed below $92,000, hitting its lowest point in nearly eight months. Trading volume jumped 26% over the past 24 hours, which tells you everything you need to know about selling pressure.

Ethereum couldn't hold its ground at the psychologically important $3,000 level, briefly touching an intraday low of $2,957.31 before clawing back some losses overnight. XRP and Dogecoin also got hammered.

Here's an interesting twist: while Bitcoin and Ethereum's market dominance declined, altcoin dominance actually increased to roughly 30%. Make of that what you will.

The bloodbath showed up clearly in liquidation data. According to Coinglass, cryptocurrency liquidations topped $760 million in the last 24 hours, with a staggering $483 million coming from long positions getting wiped out. That's a lot of forced selling hitting the market.

Bitcoin's open interest increased 0.41% over the past day, but the Long/Short ratio dropped further to 0.84. Translation: traders are opening new short positions, betting on more pain ahead.

The Crypto Fear & Greed Index now shows "Extreme Fear" sentiment intensifying to levels last seen in late February. When fear gets this intense, it usually means something's got to give—one way or another.

A Few Winners in a Sea of Red

Not everything crashed. A handful of cryptocurrencies with market caps above $100 million actually posted gains. Internet Computer (ICP) surged 17.99% to $5.82, Horizen (ZEN) climbed 14.45% to $15.41, and Velo (VELO) rose 13.94% to $0.007210.

Still, the overall global cryptocurrency market capitalization stood at $3.13 trillion, down 1.81% in the last 24 hours.

Stocks Got Crushed Too

Cryptocurrencies weren't suffering alone. Stocks kicked off the week getting pummeled across the board.

The Dow Jones Industrial Average shed 557.24 points, or 1.18%, closing at 46,590.24. The S&P 500 fell 0.92% to finish at 6,672.41, while the tech-heavy Nasdaq Composite slid 0.84% to settle at 22,708.07.

Nvidia Corp. (NVDA), the artificial intelligence darling, dipped 1.88%, contributing to the tech selloff. The company is scheduled to report its third-quarter earnings after Wednesday's closing bell, which should be interesting given the current market mood.

Investors are also watching Thursday's release of September's nonfarm payrolls numbers—the first major economic data release following a 42-day government shutdown-induced blackout. That data vacuum hasn't helped market confidence.

The Death Cross Appears

Lacie Zhang, Research Analyst at Bitget Wallet, pointed out in a note to MarketDash that Bitcoin recently formed a "death cross," where the 50-day moving average slipped below the 200-day moving average.

Now, before you panic completely, Zhang noted the mixed implications of this technical signal. "In some cycles it has marked macro bottoms and strong reversals, while in deeper bear phases it has preceded continued downside," Zhang explained.

Looking ahead, Zhang projected that "Short-term, we expect Bitcoin to consolidate in the $90,000–$110,000 range through November, while Ethereum trades around $3,000–$3,600."

That's actually not terrible news—consolidation beats continued collapse.

Don't Expect a Quick Bounce

Widely followed cryptocurrency analyst and trader Michaël van de Poppe emphasized the high volatility and predicted continued downside pressure in the first few days of the week.

"Also, given that last week was such a terrible weekly candle, it's impossible to expect an imminent V-shape recovery after that. Things take time," van de Poppe remarked.

But here's the kicker: despite all the pain, van de Poppe declared that he won't be selling and is prepared to be "patient."

That's the million-dollar question for crypto holders right now. Do you sell into fear, or do you hold through it? One prominent analyst has made his choice, but you'll have to make yours.