Hantavirus, $253M Long Liquidations Drag Crypto Down

The crypto market fell 4.14% from its May 6 peak, reducing total market capitalization to $2.62 trillion after a hantavirus outbreak linked to the MV Hondius and $252.78 million in long liquidations.

Health authorities in more than a dozen countries are tracing passengers exposed during the cruise. The U.S. Centers for Disease Control and Prevention activated its Emergency Operations Center and classified the outbreak as Level 3.

Derivatives data from CoinGlass shows $252.78 million in long liquidations over the period, with Bitcoin longs accounting for $108.58 million of that total. Bitcoin traded around $79,630, down about 1.5% over 24 hours after falling below the $80,000 level. The market had rallied about 22% from March 29 to the May 6 high.

Total crypto market cap was $2.62 trillion, down 0.37% over 24 hours and 4.14% from the $2.72 trillion peak on May 6. Technical analysis marks $2.60 trillion as the first support level; a move below that would expose targets at $2.53 trillion and $2.47 trillion.

Coinbase’s first-quarter 2026 results showed revenue fell 31% year over year to $1.41 billion and the exchange posted a net loss of $394.1 million. The earnings release coincided with thinner derivatives liquidity.

Monero tested and then reversed a cup-and-handle breakout. XMR traded near $388, down about 6% over 24 hours and roughly 11.4% from its May 6 peak of $437. The token cleared the handle but reversed after breaching the neckline, trapping several long positions. The 0.236 Fibonacci level at $417 is the first resistance to reclaim; a move back above $437 would reopen upside toward $464, while a daily close below $387 would indicate weakening momentum.

On-chain monitoring firm Santiment reports Chainlink holders with balances between 100,000 and 10 million LINK accumulated 32.93 million coins over the past month, a 7.7% increase that brought holdings in that cohort to an all-time high.

Separately, OpenAI has been unable to secure roughly $18 billion in chip-related financing tied to a custom-chip partnership. The financing issue coincided with risk-off positioning across some risk assets.

Market observers are monitoring economic data, health updates related to the cruise-linked hantavirus cases, and developments in AI financing for potential further impacts on sentiment and leveraged positions.