Crypto prices took a hit on July 24, with $280 million in market liquidations piling up across exchanges. The sell-off came as a $1.4 billion options expiry loomed and Bitcoin ETFs recorded fresh outflows. Solana was the biggest loser among the top ten cryptocurrencies by market cap, dropping 2.83%.
The $1.4B Options Expiry
A large batch of Bitcoin and Ethereum options contracts expired this week, adding to the downward pressure. Traders had been watching the $1.4 billion notional value expiry for days. The event often amplifies volatility as positions are rolled or closed, and this time it coincided with broader risk-off sentiment.
Bitcoin ETFs Bleed
Spot Bitcoin ETFs in the U.S. saw net outflows on July 24, reversing a brief streak of inflows earlier in the month. The outflows weren't massive, but they signaled that institutional appetite is cooling after a strong first half of 2026. Combined with the options expiry, the mood turned sour quickly.
Solana Takes the Hit
Among the top ten coins, Solana suffered the steepest decline. It fell 2.83% in 24 hours, underperforming Bitcoin, Ethereum, and even smaller-cap names. The drop pushed Solana's weekly loss past 5%. No single catalyst was cited, but the broader market weakness hit high-beta assets hardest.
Bankruptcy Filing Adds Pressure
Adding to the unease, a new bankruptcy filing emerged in the crypto space. Details are still sparse — the filing was made in a U.S. court and involves a firm that had been active in lending and staking. The news revived memories of last year's contagion fears, though the current case appears smaller in scale. Still, it didn't help sentiment on a day when everything was already red.
The next few days will show whether the options expiry was a one-off event or the start of a deeper pullback. For now, traders are watching the $60,000 level on Bitcoin and whether ETF outflows accelerate.
