Nearly 1 billion USD 'vanished' after a strong correction in the crypto market

According to CoinGlass, over 803 million USD long and 138 million USD short positions were wiped out, with $ETH , $BTC , and $DOGE making up the majority. The shock came right after the U.S. Producer Price Index (PPI) report showed a 0.9% increase in July, the highest in over 3 years, shaking expectations for monetary policy easing.

Bitcoin fell by 2.2%, Ethereum lost 2.4%, XRP dropped 3.7%, while Solana, Dogecoin, and Cardano plummeted by 4.6%, 3.7%, and 3.3%, respectively. The entire market lost nearly 1.9% of its capitalization, with only 4 out of the top 100 tokens remaining in the green.

Experts note that this is a common fluctuation around historical peak levels (ATH), as many investors choose to take profits or exit positions to break even, especially with ETH approaching the record of 4,878 USD. This sentiment can easily create 'false breakouts' before the market establishes a new trend.

The underlying reason, according to analysts, lies in excessively high leverage: many traders use leverage of 50x–100x, meaning that a mere 2–5% fluctuation is enough to trigger a domino effect of mass liquidations.

👉 Despite the sharp drop being overwhelming, observers believe this is merely a technical adjustment after a week of heated gains, and the market may stabilize again soon. #anhbacong