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Over the last 24 hours, cryptocurrency markets have seen significant volatility, with more than $758 million in leveraged positions liquidated across exchanges. The majority of the losses were longs, which accounted for more than $701 million in total liquidations, as bullish traders were caught off guard.
CoinGlass data shows that the largest single liquidation was a $13.7 million ETH long on Binance, with a total of 184,433 traders liquidated.
Amid the ongoing sell-off, former Binance CEO Changpeng (CZ) Zhao issued a post on X, reminding the community of the long-term vision that has defined his approach to the crypto market.
In a recent tweet, CZ wrote, "This is why we never stop building." The official BNB Chain X handle responded to CZ's tweet, saying, "Price up—we build, price down—we build."
Spot-driven selling in crypto market
BTC is seeing profit-taking following a record run to all-time highs. According to CryptoQuant, Bitcoin recently underwent its third significant profit-taking wave of the 2023-2025 bull cycle, with $6 to 8 billion in realized gains reported in late July.
Bitcoin fell to $114,058 in a drop that is now entering its fifth day from a high of $119,839 on July 28 and has since recovered to trade around $115,260, according to CoinMarketCap data.
Ethereum (ETH), the second-largest cryptocurrency by market value, followed BTC's price action, erasing an early decline to $3,582 and trading near $3,640.
XRP retraced under $3, Solana dipped below $170, and BNB (BNB) sank to $765 following a record surge last week that took it beyond $855.
According to Glassnode, Bitcoin and Ethereum liquidations remain low, and OI drawdowns are moderate, suggesting that the recent drop looks more like spot-driven selling than a derivatives flush. However, there are no signs of a leverage cascade yet.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team