Crypto prices experienced a sharp decline today. Over $533 million in long positions liquidated across major cryptocurrencies like Bitcoin, Ethereum, and Dogecoin.
This massive market pullback, which follows Bitcoin’s drop below $116,000, highlights several key factors contributing to the downturn: options expiry, profit-taking, and concerns about Bitcoin’s price action.
Options Expiry Triggers Volatility in Crypto Prices
One of the primary drivers behind today’s crypto prices drop is the options expiry. Options contracts, especially those tied to Bitcoin and Ethereum, have an outsized effect on market volatility.
As these contracts expire, market makers typically adjust their positions, leading to rapid crypto prices movements.
According to Coinglass data, over the last 24 hours, $533 million in long positions were liquidated, with Bitcoin accounting for $162 million of that total as its price slipped by 2.26%.
Crypto Liquidation Heatmap | Source: Coinglass
Ether
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