Bitcoin Drops 3.3% as Long Liquidations Skyrocket

Bitcoin's price took a hit on July 31st, 2026, dropping by 3.3% to $62,616. The decline is largely due to an increase in long liquidations, with CoinGlass reporting that over $62.2 million-worth of long positions were closed out in the last hour alone.

This sudden spike in liquidations stands in contrast to short positions, which saw a relatively modest $1.1 million in liquidations during the same period.

The reversal is likely due to market participants reassessing their bets on Bitcoin's price following the Federal Reserve's decision to keep interest rates unchanged. According to Coinbase Institutional, 'the near-term disagreement is now more about the timing of any hike than whether inflation has fully returned to target.'