Crypto Market Brief July 24: $280M Liquidations, BTC ETF Outflows, $1.4B Options Expiry and a Bankruptcy Filing
Highlights
- The crypto market is down today as bearish headwinds dominate.
- The drop comes amid BTC ETF outflows and surging long liquidations.
- Bitcoin mining pool Poolin Technologies has filed for Chapter 11 bankruptcy in the US.
Crypto prices are down today, July 24, as outflows to Bitcoin (BTC) ETFs, rising odds of a Fed rate hike, and another bankruptcy filing caused $280 million in market liquidations.
Top Crypto Market Movers
- Solana is the biggest loser among the top ten largest cryptos by market cap with a 2.83% drop, followed closely by XRP with a 2.5% decline.
- SOL price is falling despite the SEC granting Morgan Stanley approval to launch a SOL ETF on the NYSE Arca under the ticker “MSOL.”
- The total meme coin market cap is down by 7.24% to $%22 billion, with Dogecoin (DOGE) dropping by 3.45% despite returning inflows to DOGE ETFs.
- CASHCAT defies the bearish market sentiment, with a 19% gain to trade at $0.05.
- $1.43 billion on Bitcoin and Ethereum options expire today, July 24, per Deribit data.
Biggest News of the Day
- Poolin Technology, which was once the largest Bitcoin mining pool, has submitted a Chapter 11 bankruptcy filing in the US
- The filing shows liabilities between $100 million and $500 million and estimates creditors to be between 10,001 and 25,000
- The filing comes a day after one of the biggest derivatives exchanges, BitMEX, announced shutting down on September 30.
Crypto Market Data
- Total Market Cap: $2.21 trillion (-1.17%)
- 24-Hour Trading Volumes: $61.74 billion
- Bitcoin: $64,988 (-0.95%)
- Ethereum: $1,880 (-2.36%)
- Bitcoin Dominance: $58.9%
- Ethereum Dominance: 10.3%
- Total Liquidations: $282 million ($192 million in long liquidations and $90 million in short liquidations)
- Fear and Greed Index: 28
What to Watch in the Crypto Market Today
- Bitcoin ETFs saw their first outflows in seven days on July 23 despite the price remaining above $64,000
- BTC ETF outflows topped $225 million despite Ethereum posting $26 million inflows
- Traders should watch today’s ETF inflow/outflow data to assess whether institutional demand is weakening amid bearish macro pressures
- An increase in ETF outflows could push the crypto market lower due to increasing sell-side pressure
Catch up on yesterday’s biggest moves in our Crypto Market Brief for July 23.
Frequently Asked Questions (FAQs)
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3. What is the biggest news in the crypto market today?
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