Crypto Bloodbath: $600M in Longs Liquidated as Bitcoin Falls Below $116K

Mass Liquidations Hit Crypto Market as BTC Retreats From All-Time Highs

The cryptocurrency market faced a sharp downturn on Friday, triggering a wave of liquidations that wiped out nearly $600 million in long positions, according to data from CoinGlass. This dramatic sell-off came just days after Bitcoin (BTC) hit new all-time highs of $123,100 on July 14.

At the time of writing, Bitcoin is trading at $116,107, down 2.63% in 24 hours, with liquidations for BTC longs alone totaling $140.06 million.

Over the past 24 hours, the crypto market saw 731.93 million in total liquidations. Source: CoinGlass

Top Crypto Liquidations in the Market Pullback

Bitcoin (BTC): $140.06M liquidated, price down to $115,356

Ether (ETH): $104.76M liquidated, price down 1.33% to $3,598

Dogecoin (DOGE): $26M liquidated, price plunges 7% to $0.22

In total, 213,729 traders were liquidated across the market, contributing to a broader $731.93 million in combined short and long liquidations. The sharp pullback has surprised many traders who were positioned for continued upside.

Sentiment Remains Bullish Despite Correction

Interestingly, the Crypto Fear & Greed Index remained in the “Greed” zone, posting a score of 70 in its Friday update. This suggests that despite the volatility, overall market sentiment is still bullish.

Source: Cantonese Cat

Context: Just Days After Bitcoin ATH

The correction follows a period of intense bullish momentum in which Bitcoin surged to new record highs. Optimism had been building among retail and institutional investors alike, with many expecting the rally to continue through Q3.

What’s Next for Crypto Markets?

While this kind of volatility is common in crypto, analysts warn that sharp reversals often follow parabolic moves. However, if strong buying support re-emerges, especially around the $112K–$115K level for Bitcoin, the longer-term uptrend may remain intact.

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