The crypto market has been hit hard! 600 million USD got liquidated in 24 hours, why did BTC, SOL, and DOGE fall today?

The uncertainty in the crypto assets market suddenly erupted in July, with the market turning from bull to bear within hours. In the past 24 hours, the total liquidation amount across the network exceeded 600 million USD, with mainstream assets like BTC, SOL, and DOGE undergoing massive liquidations. It is noteworthy that these coins, which had led the rise recently, collectively plummeted today, causing the market capitalization to evaporate by millions of dollars. Panic selling sentiment spread, and the leverage risk in the crypto market was laid bare.

Market Overview: All Red, Huge Liquidation

• Bitcoin ( BTC ): The price has fallen below $116,000, marking the first time since hitting a historical high (ATH) of $123,000 days ago, with a 24-hour decline of 2%, currently reported at $115,100. The related BTC liquidation amount reaches $146 million.
• Ethereum ( ETH ): Get Liquidated amount $143 million, current price has basically recovered.
• Solana(SOL): Price dropped to 177.8 USD (decrease of 1.4%), Get Liquidated amount 45 million USD.
• DOGE(DOGE): Once dipped to 0.022 USD, failed to hold the resistance level of 0.023 USD, with a liquidation amount of 22.19 million USD.
• Overall Market: Total market capitalization decreased by 1.15%, 161,943 traders were liquidated.

Plummet Source: Giant Whales' Sell-off and Macroeconomic Pressure Resonance

1. Whales Dumping: On-chain analysis platform Spotonchain monitoring shows that addresses associated with Satoshi Nakamoto's contemporaneous whales transferred 11,910 BTC (worth $1.39 billion) to multiple exchanges. This whale has recently accumulated a dumping of 80,000 BTC, and the whale's on-chain activity has directly triggered market panic.
2. Derivatives Expiry: The upcoming expiry of Bitcoin and Ethereum options worth $14.59 billion on July 26 will exacerbate market volatility.
3. Geopolitics: Trump's trade policies and the escalation of tensions between Thailand and Cambodia affect the risk appetite in global financial markets.
4. Leverage Washout: Analyst Ash Crypto pointed out that the essence of this plunge is high leverage position washout. CZ (Zhao Changpeng) and others are calling for "buying on dips."
5. Contrarian Indicator?: Some communities joke that this decline confirms the "Contrarian Cramer Index"—famous financial commentator Jim Cramer recently bullishly promoted Bitcoin.

Market Outlook: Investor Greed Remains Unchanged, Institutions See It Rising to 136,000 Despite experiencing a heavy setback, the market sentiment has not collapsed:

• Fear and Greed Index: CoinMarketCap shows the current index is 66 (Greed Zone), indicating that investor confidence remains.
• Technical Indicators: The momentum indicators and wave counts show that the bull market structure remains intact.
• Capital Inflow: Major coins like ETH and XRP have quickly regained lost ground, and the increase in market trading volume confirms that the 'buy the dip' activity is active.
• Institutional Forecast:
• Analysts predict that the recovery of the bull market trend will drive BTC to hit $136,000.
  • Multiple institutions are optimistic about ETH returning above 4000 USD.

Conclusion: Opportunities and Warnings in Volatility This flash crash once again highlights the high volatility nature and leverage trading risks of the crypto market. Whale dumping, macro disturbances, and derivative expirations have combined to trigger a chain liquidation. However, on-chain data and market sentiment indicators show that the core bull market logic has not been fundamentally shaken, and institutions remain optimistic about the future market. Investors need to closely monitor the whale wallet movements and options market volatility, while seizing the "buying opportunity", they should also pay more attention to position risk management. Short-term market fluctuations do not hinder the long-term crypto market cycle规律, but the process of deleveraging may still continue.