Bitcoin dropped to approximately $63,000 in late July 2026, but traders say the decline resembles a liquidity vacuum rather than a mass exodus. The 24-hour trading volume during the decline reached about $25.2 billion, well below the volumes typically seen during genuine sell-offs. Approximately $600 million in positions were liquidated in a single day, with the overwhelming majority coming from longs, far less than the billions liquidated during real capitulation events such as the May 2021 crash or the FTX collapse in November 2022. The broader crypto market cap fell toward $2.25 trillion. Strategy, formerly known as MicroStrategy, executed its first Bitcoin sale since 2022, a notable event in an already fragile market.
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