Bitcoin slid below $72,000 during two sharp early-morning selloffs on July 5, falling to an intraday low of $71,723. By the time of publication, it had recovered to above $72,800. Ether moved in the same direction, dropping to $2,075 around 2 a.m. before rebounding to $2,151.
Two sudden downward spikes hit major tokens
According to the report, the crypto market saw two steep moves lower at around 2 a.m. and 6 a.m. Beijing time. Bitcoin briefly lost the psychological $72,000 level, while Ether followed with a similar pattern during the same trading window. The synchronized drop in the two largest cryptocurrencies added pressure to derivatives markets and pushed liquidation totals higher.
$623 million liquidated in 24 hours, shorts made up most of it
CoinGlass data cited in the article showed that 144,000 traders were liquidated across the market over the past 24 hours, with total liquidations reaching $623 million. Short positions accounted for about $490 million, or roughly 72% of the total. The report described this as the fourth straight day of large-scale liquidations, with long and short positions being wiped out in alternating waves as prices swung sharply.
Attention turns to gold and market liquidity
The article also pointed to a close link between crypto price action and liquidity conditions in precious metals. It said some gold positions may be seeing profit-taking while buy orders continue to refill the book, a setup that could draw liquidity away from crypto. In that reading, current crypto volatility reflects a market trading under tighter liquidity conditions. The report noted that geopolitical and liquidity-related risks remain key factors to watch.