Bitcoin fell back below $64,000 on July 28, with roughly $100 million in leveraged positions liquidated across the crypto market in a single hour. The move marks the third time this week that traders have been flushed out around that level, underscoring the fragility of bullish positioning in a market increasingly buffeted by macro and regulatory headwinds.
The immediate trigger was a cascade of forced long liquidations. Data shows that in the past 24 hours, total liquidations across the network reached $679 million, with long positions accounting for $536 million of that total. Bitcoin long liquidations alone amounted to $134 million, while Ethereum long liquidations reached $80.4 million. The concentration of pain on the long side points to a market that was heavily positioned for upside, only to be caught off guard by a sudden reversal.
The sell-off did not occur in isolation. Asian equities led the risk-off move, with South Korea’s Kospi index plunging 10% to its lowest level since mid-April. The index has now dropped 25% from its mid-June peak, dragged down by steep losses in chipmaking heavyweights Samsung and SK Hynix. Bitcoin, which has a history of tracking equity-market volatility during periods of macro stress, fell about 2.7% to roughly $63,200, extending losses across major cryptocurrencies including ether, XRP, and solana.