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Key Takeaways:
- Bitcoin dropped to $115,356, triggering over $731 million in crypto liquidations, mostly from long positions.
- Dogecoin fell 7%, leading altcoin losses, while Ethereum also suffered notable long liquidations.
- Despite the downturn, market sentiment remains bullish, with analysts predicting BTC to reach $136K and ETH targeting $4K.
The crypto market experienced a sharp downturn on Friday, liquidating more than $731 million in leveraged positions as Bitcoin (BTC) tumbled below $116,000. According to CoinGlass data, $585.86 million of those liquidations came from long positions. BTC alone accounted for $140.06 million, falling 2.63% to a low of $115,356.
Prominent crypto trader Ash Crypto described the event as “a pure leverage flush,” explaining that many traders piled into altcoins after Ethereum’s rise earlier in the week. “Market makers dumped and liquidated the late longs,” he noted on X.
This dump is a pure leverage flush
— Ash Crypto (@Ashcryptoreal) July 24, 2025
Many people longed Alts after they saw
ETH pumping hard, so market makers
dumped and liquidated the late longs.
Alts will pump back up and even higher
Ethereum and Dogecoin Among Worst-Hit
Ethereum (ETH) followed closely behind BTC, dropping 1.33% to $3,598, with $104.76 million in long positions liquidated. However, Dogecoin (DOGE) led losses among the top 10 cryptocurrencies by market cap. DOGE plummeted 7% to $0.22, erasing $26 million in longs, according to Nansen.
In total, 213,729 traders were liquidated over the last 24 hours, many caught off guard by the sudden drop after weeks of bullish momentum. The broader market saw $731.93 million wiped out in both long and short positions.
Market Sentiment Remains Surprisingly Bullish
Despite the sell-off, market sentiment remains strong. The Crypto Fear & Greed Index posted a “Greed” score of 70 on Friday, suggesting investor confidence is still high. This comes after Bitcoin hit an all-time high of $123,100 on July 14, fueling optimism of further gains.
Also Read: Bitcoin Eyes $144K After Bullish Chart Breakout
Industry leaders continue to express bullish outlooks. Galaxy Digital CEO Michael Novogratz reiterated his forecast of Ethereum reaching $4,000, a near 10% jump from current levels. Analysts at Bitfinex predict Bitcoin’s next major resistance lies at $136,000, should the uptrend resume.
Risk Remains High for Short Sellers
With BTC now hovering around $115K, a quick bounce back to $119,500 could place $3.07 billion in short positions at liquidation risk. While bulls are optimistic, this volatile setup has traders on edge as they hedge their bets amid rapid market shifts.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
