Crypto markets extended their sell-off late on July 25, with Bitcoin (BTC) falling deeper after losing the $60,000 level and briefly nearing $58,000. Ether (ETH) dropped even harder, breaking below $1,600 and moving close to $1,500. The sharp move quickly spilled into derivatives, where forced liquidations surged across the market.
CoinGlass data showed that 215,290 traders were liquidated over the past 24 hours, with total liquidations reaching $1.42 billion. The size of the wipeout expanded rapidly compared with the previous day, pointing to heavy pressure on leveraged positions as prices kept sliding.
Bitcoin weakness deepens after losing $60,000
The selling did not ease once Bitcoin fell below the six-figure threshold in thousands. It accelerated. By late July 25, BTC had dropped toward the $58,000 area, while Ether underperformed and pushed through the $1,600 psychological level before approaching $1,500.
The move was not limited to one asset. Major cryptocurrencies were hit at the same time, and the broader decline added to volatility across the market. As prices fell in quick succession, leveraged positions were forced out and open interest came under pressure.
$1.42 billion in liquidations wipes out more than 215,000 traders
The derivatives market absorbed the shock immediately. According to CoinGlass, total crypto liquidations climbed to $1.42 billion in the past 24 hours, affecting 215,290 traders. In a fast market, large leveraged positions can be closed in waves, and that dynamic appeared clearly in this round of selling.
The data also suggested that long positions took the brunt of the damage. Traders attempting to buy into the decline were caught as prices continued moving lower, adding to the liquidation cascade.
Largest single liquidation on Hyperliquid reaches $38.05 million
Large traders were not spared. The biggest single liquidation recorded over the past 24 hours occurred on decentralized perpetual exchange Hyperliquid, on the BTC-USD pair, with a liquidation value of $38.05 million.
That trade stood out because it landed during a period of intense selling and strained liquidity. With Bitcoin still hovering near the $58,000 zone, attention remains on whether major assets can stabilize and whether liquidation pressure in derivatives will continue to unwind.