As of 12:30 pm IST, Bitcoin was trading at $115,149, down 3%, while Ethereum fell 5.5% to $3,663, according to CoinMarketCap. The total global crypto market capitalisation dropped 3.82% to $3.75 trillion, reflecting risk-off sentiment across the board.
Major altcoins joined the downturn. XRP and Solana both fell over 6%, while Dogecoin, Cardano, Hyperliquid, Stellar, Sui, and Chainlink registered losses ranging from 7% to nearly 10%.
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“Bitcoin slid 3% to trade near $115,300 as fresh US tariffs and a major profit-taking wave put pressure on crypto,” said Vikram Subburaj, CEO of Giottus. “Over $635 million in leveraged positions were flushed out, mostly from long traders caught in a sharp intraday reversal.”Subburaj said that Bitcoin’s $115,000 level remains critical. “As long as BTC holds this level, the broader uptrend is intact. Heatmaps show heavy short interest above $120,000 and long liquidation zones below $115,000. If sellers push further, the $111,000–$115,000 range will be crucial for bouncebacks.”
According to data from Coinglass, total crypto market liquidations stood at $630.68 million over the past 24 hours, with nearly 90% coming from long positions. The selloff was largely attributed to macroeconomic concerns.“The nearly 3% dip in the global market cap is primarily driven by the Fed’s warning on slowing growth and new trade tariffs,” said Riya Sehgal, Research Analyst at Delta Exchange. “Despite the drop, Bitcoin closed July above $115,000—its highest monthly close ever—showing long-term resilience.”Sehgal added that the BTC options market remains cautiously optimistic. “A Put-Call Ratio of 0.65 and visible call buildup between $116K–$120K suggests bullish expectations. Meanwhile, unwinding of puts near $109K–$111K signals weakening bearish sentiment.”
While Ethereum briefly dropped to $3,600, it quickly rebounded above $3,700, supported by retail dip-buying and continued inflows into spot ETFs, which now total $21.85 billion.
“ETH is holding ground around $3,700 despite a 5% decline,” said the CoinSwitch Markets Desk. “Momentum may return if BTC reclaims the $116,100–$116,200 range. Tether’s strong Q2 profit of $4.9 billion also highlights growing interest in stablecoins amid improving regulatory clarity in the U.S.”
Meanwhile, despite near-term volatility, analysts remain bullish on the long-term structure of the market.
“Bitcoin remains in a healthy buy-the-dip zone,” said Parth Srivastava, Head of Quant at 9Point Capital. “Institutional demand continues to absorb supply, and we expect consolidation to lead to a fresh breakout heading into Q4.”
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)