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The crypto market’s historic run , triggered by Donald Trump’s reelection to the presidency, may be beginning to cool as sellers rush to unload their altcoins.

Dogecoin and XRP have tumbled more than 10% in the last 24 hours, the largest drop since the election. More mainstream cryptocurrencies, like Ethereum and Solana, are also down more than 5%, and Bitcoin fell 1% on Tuesday.

“At a higher level, I think this liquidation in particular is one of the most violent liquidations we’ve had in the altcoin universe,“ Jeff Park, head of Alpha strategies at Bitwise, a crypto asset manager, tells Fortune .

The catalyst for the selloff is unclear, but the dip comes as a large number of traders have moved to liquidate around $1.6 billion worth of bullish positions in derivative contracts over the past 24 hours, according to Coinglass data.

Park is careful to point out, however, that this downturn does not necessarily signal an impending crypto bear market. Instead, he frames it as a pullback after recent massive gains and the market’s “overextended exuberance.” “It looks severe,” he says. “But the gains were even more astronomical preceding it, and this is a little bit of an exhaustion.”

While XRP and Dogecoin have both taken hits, they’re both still up more than 200% this year. And despite this recent downturn, the crypto industry’s market cap has added over $1 trillion since the election. That’s due in large part to optimism about the incoming Donald Trump administration and his promises to roll back regulations and support policies favorable to the industry. Trump has tapped prominent crypto-friendly figure Paul Atkins to serve as SEC chair, and David Sacks to serve as the AI and crypto czar.

Dogecoin and XRP both hit all-time highs in the wake of Trump’s victory. Dogecoin is up more than 44% in the last month, boosted by Elon Musk’s promotion of the memecoin and his proximity to the incoming president. XRP also made significant gains in the weeks after the election, surging 40% within 24 hours on Dec. 2, as it became clear that current legal pressure on the token from the Securities and Exchange Commission would likely disappear under the new administration.

“I think there is a lot to be optimistic about for altcoins in the future,” Park said. “Especially given the new administration and the ways that regulatory clarity will most likely benefit altcoins.”