Liquidation Tape: $410M Wiped, Longs Take 63% of Losses, OI Rebuilds to $12.59B Within Hours

Leverage got flushed and rebuilt inside a single trading day: $410.13 million in positions were liquidated over 24 hours, with longs absorbing $257.72 million — 62.79% of the total. BTC alone accounted for $189.11 million of the damage, ETH for $96.55 million, confirming this was a broad deleveraging event rather than an altcoin-specific blowup.

BTC/USDT printed $64,290.20, up 1.19% on the day, swinging between $61,306.84 and $64,700.00 on $26.1 billion in 24-hour volume. Going into the squeeze, open exposure skewed 60% long versus 40% short, with funding at +0.0064% — longs paying shorts — a positioning setup that left leveraged bulls directly in the blast radius.

Leverage rebuilt faster than it was destroyed

The more notable data point sits after the liquidation event: derivatives volume jumped 104.58% versus the prior session, and open interest climbed back to $12.59 billion. That’s not a market flushing risk out — it’s leverage being re-established almost as fast as it was wiped.

Stablecoin transaction volume rose 81.28% over the same window, consistent with capital rotating rather than exiting. Bitcoin dominance ticked up 0.26 percentage points intraday to 58.07%, the standard signature of a risk-off consolidation into BTC away from higher-beta altcoins during a volatility spike.

Custody flows split down the middle

On-chain, the tug-of-war on conviction was close to symmetrical. One wallet sent 1,134 BTC to Coinbase — a move typically read as pre-positioning for a sale — while 1,219 BTC flowed the other direction, out of Coinbase into external self-custody, a pattern more often tied to holding intent.

Separately, miner Riot Platforms moved 500 BTC into a custody account at NYDIG. Transfers like this are usually operational rather than a precursor to selling, but miner wallets remain on the market’s watchlist as a source of latent supply if pressure builds.

Policy overhang: reserve review and a Senate clock

The White House confirmed it’s still evaluating the structure of a potential strategic Bitcoin reserve, with no implementation plan or budget attached and no purchase timeline — treated by the market as a structural signal rather than a near-term catalyst.

The US market structure bill needs Senate passage by August 7 to establish a legislative framework for digital asset classification. A clean pass could narrow the jurisdictional uncertainty that’s kept institutional capital on the sidelines, though the immediate price effect is expected to stay muted unless the draft clears largely intact.

Indirect institutional exposure also widened this week: SpaceX is joining the Nasdaq-100, adding a third BTC-holding constituent alongside Tesla and Strategy. Passive flows tracking the index now carry embedded Bitcoin exposure without any direct crypto allocation decision being made.

Read more: Bitcoin Pinned Near $64K as Fear Index Hits 24, Dominance Climbs to 69.3%

Sources

• coinotag.com