The panic swept through crypto markets late on July 31 triggered a brutal $700 million liquidation storm. This sharp decline came after the U.S. government raised tariffs on Canada to 35% and imposed sweeping tariffs on several countries. The decision unsettled global markets and intensified selling pressure in crypto.
According to Coinglass, approximately 165K traders were liquidated within 24 hours. With the total liquidation now reaching $716.7, it marks the largest for this year.Â
Among all crypto exchanges, Binance saw the highest single liquidation order amounting to $4.45 million in ETHUSDC. More long positions were lost than short positions, at 77.51%, as traders were too bullish before the correction.
Ethereum Leads Liquidation Wave
From the total liquidation, Ethereum (ETH) amounted for the most with it seeing nearly $250 million in liquidation. Likewise, forced closures were experienced for Dogecoin, XRP, Solana, and ENA. Such events happened when traders failed to meet margin requirements during the heightened market volatility.
Despite the recent pullback, institutions hold onto their optimism. The Japanese hotel company Metaplanet is gearing up to raise $3.7 billion through a preferred stock offering. This capital will help them work towards their goal of acquiring 210,000 BTC by 2027, a jump from their current stash of 17,132 BTC.
Also Read: Crypto Market Sees $802M in Liquidations as Bullish Bets Unwind
