Bitcoin’s taking a bit of a nosedive lately, down 3% to $115,030. Ethereum followed suit, sliding 6.10% to $3,625. Even Solana, XRP, and Cardano couldn’t escape the crypto carnage, each dropping by about 5%. Seems like the altcoin market’s got a case of the blues, with the Crypto Fear and Greed Index falling 6 points to 65. You can practically feel the panic.
Now, let’s talk liquidation. Over $752 million in crypto holdings got liquidated in just the last 24 hours, which is a 45% jump from the day before. Definitely not a great sign.
The average crypto market relative strength index (RSI) has dipped to 35.4, showing that the market’s losing momentum faster than your last vacation tan. The overall open interest dropped 3%, settling at $193 billion. Not the kind of numbers you want to see.
On-Chain Activity and Macro Pressures Fuel the Decline
So, what’s going on here? Well, the blame can be placed squarely on the macroeconomic front. High tariffs, strong U.S. economic data, and renewed fears of long-term interest rates are all contributing to the downturn. The Fed’s reluctance to cut rates has made riskier assets like crypto less appealing. People are flocking to safer bets like bonds. The cherry on top? U.S. tariffs that went live on August 1, with 25% on Indian goods and a 50% tariff on critical materials, including copper. These changes are wreaking havoc on industries like crypto mining and hardware manufacturing.
The new tariffs are projected to push consumer prices up by 2.1–3%. You don’t have to be an economist to know that makes the market extra jittery. To make things even more interesting, President Trump’s new penalties cover billions in annual trade, adding even more volatility to the scene.
And if you think it’s just the macro issues causing the mess, think again. On-chain activity’s got its own drama. On July 31, five Bitcoin miner wallets from April 2010 (yes, you read that right, these wallets were dormant for over 15 years) suddenly moved 250 BTC, worth nearly $30 million, to new addresses. The internet’s buzzing, and crypto veterans are reading it like the tea leaves, these kinds of moves are never good news, typically signaling big market shifts.
But that’s not all. Short-term Bitcoin holders are bailing too. According to market analyst Darkfost, recent buyers are now selling at a loss. On July 15, over 50,000 BTC were in the red, and by July 25, more than 37,000 BTC were still underwater. A lot of people are getting stuck holding the bag.
📊 BTC is currently stuck in a range that has lasted for almost a month.
— Darkfost (@Darkfost_Coc) July 30, 2025
A few small downward wicks have been enough to put some short-term holders under pressure.
💥 As a result, we're starting to see short-term holders selling at a loss again.
On July 15th, more than 50 000… pic.twitter.com/vmRiwRZUpO
If that’s not enough of a red flag, CryptoQuant’s Maartunn pointed out that over 223,000 BTC moved into short-term wallets in the past month, likely as holders look to take profits or reposition.
🚨 This morning, Galaxy Digital moved 32,448 BTC — worth over $3.7 billion — with a big chunk headed to exchanges.
— Maartunn (@JA_Maartun) July 25, 2025
5 Key Charts about the movement 🧵👇 pic.twitter.com/vPt6DxTTQR
Is this the calm before the storm? Only time will tell, but things aren’t looking great for Bitcoin and its crypto comrades.
Gunel Ismayilova
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