The cryptocurrency market recorded more than $669 million in net liquidations on Wednesday, July 23, 2025. The altcoin market accounted for the lion’s share of the $563 million in long liquidations during the past 24 hours.
According to market aggregate data from Coinglass, the ETH and XRP trading pairs recorded net liquidations of about $126 million and $69 million respectively. Bitcoin (BTC) on the other hand recorded a net liquidation of around $54 million.
Major Reasons Why Crypto Dropped Today
The 2025 altcoin bull market officially kicked off after the Ethereum price outpaced Bitcoin, leading to a reversal in the BTC dominance. The rising calls for altseason 2025 attracted more FOMO (fear-of-missing-out) traders, thus leading to overheated…
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