Crypto markets saw a sharp sell-off on July 16, with Bitcoin (BTC) dropping below $74,000 and touching a low near $73,300. Ether (ETH) also broke under $2,300, and the move quickly spilled into derivatives markets as liquidations accelerated.
Sell pressure hit the market around 10 p.m.
According to the source material, the broader market failed to hold an earlier push higher. Around 10 p.m. Taiwan time, price action turned lower in a hurry. Bitcoin lost the $74,000 round-number level and slid to roughly $73,300, while Ether dropped with the market and gave up the $2,300 psychological support zone.
The reversal was abrupt. Bullish sentiment faded as prices broke key levels, leaving leveraged traders exposed within minutes.
137,774 traders liquidated in 24 hours
CoinGlass data showed that 137,774 traders were liquidated across the crypto market over the past 24 hours, with total liquidations reaching $350.97 million. The figures point to a heavy hit on long positions as the sell-off gathered speed.
When BTC and ETH lose major support levels at the same time, liquidation pressure can build fast. That is what the market saw in this move, as leveraged positions tied to the largest crypto assets were forced out in sequence.
Largest liquidation on Binance reached $9.71 million
The biggest single liquidation of the session took place on Binance. The position was in the BTCUSDC trading pair, and the value of that liquidation reached $9.71 million, making it the largest disclosed wipeout in the reported data.
The source also noted that Bitcoin has been swinging within the $73,000 to $75,000 range in recent trading. In that kind of market, fast price moves can put immediate stress on margin positions, especially for traders running high leverage.