Friday was a day to remember, or more accurately, a day to forget, for those who’ve ever considered the phrase “long positions” their personal mantra. Over half a billion dollars worth of these so-called “longs” were liquidated across the crypto market as Bitcoin decided to take a little dip below $116,000. Talk about a bummer.
Data from CoinGlass, which sounds like a place where you’d go to get your glasses fixed but turns out to be a crypto tracker, shows that a whopping $585.86 million in long positions were liquidated. Bitcoin, the granddaddy of them all, accounted for $140.06 million of that total, dropping 2.63% to a modest $115,356. Just another day at the office, right?
Ether (ETH), not one to be left behind, saw $104.76 million in long liquidations, falling 1.33% to a still respectable $3,598 over the same period. I mean, who doesn’t love a good 1.33% drop in their investment? 🤷♂️
Dogecoin (DOGE), always the class clown, led the losses among the top 10 cryptocurrencies by market capitalization, dropping 7% over the past 24 hours to a mere $0.22. This little slip-up wiped out $26 million in long positions, according to Nansen, a name that sounds like it should be on a bottle of water. But hey, at least Dogecoin is consistent in its inconsistency, right?
The sudden market downturn led to the liquidation of 213,729 traders over the period, which is a lot of people to say, “Oopsie!” in unison. Many were caught off guard amid recent bullish sentiment, which is like being told you’re going to a party and then finding out it’s a funeral. Across the board, a total of $731.93 million was wiped out of the market in short and long positions. That’s a lot of zeros, even for a guy who writes about his own life.
It was just last month, on July 14, that Bitcoin reached new all-time highs of $123,100, and many held expectations of the uptrend to continue. But as we all know, the only thing more unpredictable than the weather is the crypto market.
Despite the pullback, sentiment remains bullish, with the Crypto Fear & Greed Index posting a “Greed” score of 70 in its Friday update. So, it seems that while some are feeling the pain, others are still convinced that the sky’s the limit. Or maybe they just enjoy the thrill of a good financial rollercoaster ride. 🎢
This is a developing story, and further information will be added as it becomes available. Stay tuned, and maybe keep a stash of Xanax handy just in case. 😅
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2025-07-25 07:48