Cryptocurrency markets experienced sharp losses after a weekend of historic liquidations, erasing more than $150 billion in market value within 24 hours.

Bitcoin, the largest digital asset by market capitalization, fell as much as 3.75% to around $111,500 on Tuesday morning in London, while Ether dropped 7.5% to below $4,000. Smaller and more volatile tokens declined even further, according to CoinGecko data.

The selloff followed China’s sanctions on the U.S. units of Hanwha Ocean Co., a major South Korean shipbuilder, in retaliation for American measures targeting China’s shipping industry. The downturn accelerated after roughly $19 billion in leveraged crypto positions were liquidated beginning October 10, when U.S. President Donald Trump threatened harsher tariffs on China over new export controls.

Digital-asset markets saw a brief rebound on Monday, but most major tokens have since resumed their downward trend. U.S. investors withdrew $756 million from Bitcoin and Ether exchange-traded funds on Monday, highlighting ongoing caution in the market.

Analytics firm Glassnode described the current phase as a period of consolidation: “The market now enters a consolidation phase, one defined by renewed caution, selective risk-taking, and a more measured rebuilding of confidence across both spot and derivatives markets.”