(Bloomberg/Suvashree Ghosh) — Major cryptocurrencies retreated to drag the market’s total value below $4 trillion after it scaled record heights last week.

Bitcoin fell as much as 2.5% to about $115,000 while Ether, the second-largest token, at one point shed more than 5% to dip below $4,300 on Monday. The combined value of all cryptocurrencies sank to $3.9 trillion, according to CoinMarketCap.

The losses come after Bitcoin hit a record $125,514 on Aug. 14, while Ether on the same day pushed to within $100 of its own all-time high set in November 2021. The two leading tokens had been buoyed by a spree of institutional investment led by so-called digital-asset treasury companies — listed vehicles whose purpose is to create stockpiles of cryptocurrency. Michael Saylor’s Strategy, the origi

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