July 2025 will certainly be a memorable milestone for investors, as Bitcoin breaks through to a new historical peak, exceeding $120,000. Many Bitcoin holders who have persevered through the time have officially become millionaires this month.
However, alongside that impressive rally are record liquidation losses. The Open Interest (OI) has reached unprecedented levels. Not only Bitcoin and Ethereum, but many other altcoins are also at risk of significant liquidation for derivative traders as price volatility continues to increase.
1. Solana
Data from Coinglass shows that Solana's Open Interest in July reached $7.9 billion, the highest since January 2025, when SOL peaked at $294.
The liquidation map of SOL shows a clear imbalance between long and short positions. Most traders are betting on the price to continue rising in the short term, allocating capital and leverage to long positions.
Therefore, the total accumulated liquidation volume in long positions could reach $1 billion if the price of SOL falls below $150. This figure would represent a decrease of more than 10% from the current price of $167 at the time of writing.
Although Solana has given bullish signals for 5 years, BeInCrypto recently reported that FTX has not staked nearly 190,000 SOL, worth about $31 million. This move comes amid increasing pressure from creditors, raising concerns about its impact on the market.
2. XRP
The open trading volume (OI) of XRP reached $7.6 billion in the third week of July. This figure is just $250 million lower than the highest OI in January.
The liquidation map of XRP also shows that short-term traders believe the price will continue to rise. This is evident from the imbalance between accumulated long and short liquidations.
Data indicates that there could be up to $500 million in long positions liquidated if the price of XRP falls below $2.5. Historical price movements show that XRP often experiences wide daily fluctuations, ranging from 20% to 30%.
Furthermore, recent analyses suggest that the upward momentum of XRP may be losing steam as some traders may be preparing to take profits.
3. Hypeliquid
In July, Hypeliquid (HYPE) set a new all-time high for Open Interest at $2.1 billion. The Long/Short volume ratio — as well as the Long/Short ratio among top accounts on Binance and OKX — exceeded 1, signaling short-term bullish sentiment.
Meanwhile, the price of HYPE has risen for six consecutive days. Today, the price reached a new high of $49.8. Traders are still actively pursuing long positions, which increases the risk of liquidation if an adjustment occurs.
The liquidation map shows that over $60 million in accumulated long positions could be liquidated if HYPE falls below $43.
In July, the price of HYPE almost mirrored the price of Bitcoin. With BTC currently exceeding $122,000, any adjustment in Bitcoin could trigger a deeper pullback of HYPE, leading to large-scale liquidations.
The Cryptocurrency Derivatives Market is Hotter Than Ever
According to Coinglass, the trading volume of Bitcoin futures last week was more than 10 times the spot trading volume. The Perpetual Futures/Spot Volume Ratio reached 11.5, the highest in history.
Additionally, the total open contracts in the cryptocurrency market reached a new all-time high of over $187 billion on July 14. Open contracts represent the total number of unpaid contracts. This reflects investor participation in both altcoins and Bitcoin at the current time.
These numbers indicate that traders are increasingly participating in derivative products compared to the spot market despite the bullish market. This is a warning sign that large liquidation events may be imminent.
Coinglass reported: "In the past 24 hours, 127,894 traders have been liquidated. The total liquidation value amounts to $732.59 million."
At the time of writing, the liquidation volume in 24 hours has exceeded $700 million, and most losses continue to occur in short positions.