Market Shakeout Hits Crypto as Liquidations Top $280 Million

Crypto markets took a hit on July 24 as a mix of negative news triggered $280 million in liquidations. Prices dropped across the board as traders dealt with Bitcoin ETF outflows and uncertainty regarding potential rate hikes from the Federal Reserve. A new bankruptcy filing added to the negative sentiment currently weighing on investor confidence.

Solana led the losses among top projects with a decline of nearly 3 percent. These price swings come as the market prepares for a significant options expiry worth $1.4 billion. Such events often increase volatility as institutional players adjust their positions before the contract settlement dates.

Market participants should watch for further price movements as the expiry approaches later this week. While the recent selloff has shaken out leveraged positions, the market remains sensitive to macroeconomic news and institutional flows. Traders are keeping a close eye on support levels to see if the recent lows will hold.