The crypto market witnessed heavy liquidations on Friday, with over half a billion dollars in long positions wiped out as Bitcoin price slipped below $116,000 amid a broader market decline. According to data from CoinGlass, $585.86 million worth of long positions were liquidated, with Bitcoin accounting for $140.06 million of the total as it dropped 2.63% to $115,356. Ether also faced sharp liquidations, with $104.76 million in longs cleared as the price fell 1.33% to $3,598. Dogecoin recorded the largest percentage drop among the top 10 cryptocurrencies by market cap, plunging 7% over 24 hours to $0.22 and triggering $26 million in liquidations. Market Faces Leverage Flush as Bitcoin Bulls Get Caught The sudden downturn, described by crypto trader Ash Crypto as a “pure leverage flush,” caught many traders off guard. “Many people longed Alts after they saw ETH pumping hard, so market makers dumped and liquidated the late longs,” Ash Crypto explained on X. In total, 213,729 traders were liquidated during the market drop, illustrating the high levels of leverage in recent trading activity amid the bullish momentum that had driven Bitcoin to a new all-time high of $123,100 on July 14. Across both short and long positions, approximately $731.93 million was cleared from the market, underscoring the volatility that continues to characterize crypto trading. Despite the pullback, the Crypto Fear & Greed Index maintained a “Greed” score of 70 on Friday, indicating continued optimism among market participants. Sentiment Remains Bullish Despite Liquidations Several crypto leaders and analysts remain positive on the market’s direction despite the flush of leveraged positions. Galaxy Digital CEO Michael Novogratz stated on Thursday that he expects Ether to reach $4,000 amid rising institutional adoption . Meanwhile, Bitfinex analysts noted in a report that Bitcoin’s next major target could be $136,000 if the current uptrend persists. However, traders are exercising caution, hedging against the possibility of a swift reversal in Bitcoin price. A return to Thursday’s price level of $119,500 would place approximately $3.07 billion worth of short positions at risk of liquidation, indicating the potential for further volatility as bulls and bears battle for control. The post Over $585M in Crypto Longs Liquidated as Bitcoin Falls Below $116,000 appeared first on TheCoinrise.com .