US stocks plunge, sweeping the crypto market: “Bitcoin falls below $64k”! 85k liquidations totaling $330 million, with long positions accounting for 84%

US stocks were dragged down by sell pressure on chip stocks; Bitcoin this morning slipped to around $63,800, while Ethereum fell more than 2.6%. In the past 24 hours, over 85k people were liquidated, with a total liquidation amount of $332 million. The fear index inched up to 27, and the CLARITY hearing kicks off today.
(Background: Cooling PPI brings in buying! Bitcoin breaks through $65k, Ethereum stands above $1,900, and the entire network sees liquidations of over $310 million.)
(Additional context: The U.S. House is moving the CLARITY Act forward with lobbying efforts on Wall Street! The New York hearing on 7/17 will push votes for the Senate.)

Table of contents

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• Over 85k people liquidated in 24 hours; long positions account for about 84%
• TSMC capital expenditure spooks chip stocks; CLARITY bill hearing in New York takes place today
• SOL approaches a two-week low; XRP returns to early-July low-range
• Fear index ticks up to 27 as the market waits for the hearing and capital flows

Table of contents

Toggle

• Over 85k people liquidated in 24 hours; long positions account for about 84%
• TSMC capital expenditure spooks chip stocks; CLARITY bill hearing in New York takes place today
• SOL approaches a two-week low; XRP returns to early-July low-range
• Fear index ticks up to 27 as the market waits for the hearing and capital flows

Bitcoin’s Friday (17th) early-morning trend weakened. After sliding gradually from the near two-week high of $65,385 touched late Wednesday night, price this morning sank to a low of $63,612, currently hovering around $63,882, down 1.13% over the past 24 hours. Ethereum pulled back even more: it slid from a 24-hour high of $1,929 down to $1,848, and is now around $1,865, down 2.62%, again losing the $1,900 level.

Over 85k people liquidated in 24 hours; long positions account for about 84%

According to CoinGlass data, in the past 24 hours, 85,771 people across the market were liquidated, with total liquidation reaching $332 million. Of this, long liquidations were $280 million, accounting for about 84%, while short liquidations were $51.76 million. The largest single liquidation occurred on the Binance ETH/USDT trading pair, worth $6.57 million. Looking at a shorter timeframe, liquidation amounts in the most recent 12 hours already hit $204 million, with sell pressure clearly concentrated around the opening period in the Asian morning.

TSMC capital expenditure spooks chip stocks; CLARITY bill hearing in New York takes place today

U.S. stocks closed broadly lower on Thursday. Although TSMC’s Q2 earnings beat expectations, it raised its full-year capital expenditure guidance from $52 billion–$56 billion to $60 billion–$64 billion. This prompted market concerns about whether investment in the chip industry will pay off, and semiconductor shares led the market lower: the Nasdaq fell 1.47% to close at 25,881.95, the S&P 500 dropped 0.51% to 7,533.77, and the Dow edged down 0.2% to close at 52,552.97. Risk-off sentiment spread into the crypto market as well.

On the policy front, today’s market focus is the biggest highlight: the U.S. House Committee on Financial Services will move to Federal Hall on Wall Street in New York (U.S. Eastern Time on the 17th) to hold an off-the-record hearing themed “Building the Financial Future: How the CLARITY Act Will Unlock Innovation.” The purpose is to rally votes for the Senate’s decision ahead of the August adjournment for the CLARITY Act. Yesterday, Blockworks (動區) provided a complete analysis in its article “The U.S. House pushing the CLARITY Act forward with lobbying on Wall Street.” John Thune, the majority leader in the Senate, has pledged to bring the matter to a vote in the Senate before the August adjournment, and the market is focused on the schedule in the week of July 20. However, the deadlock over the ethical provisions surrounding conflicts of interest in crypto business benefits for the Trump family has not yet been resolved. CoinDesk cited sources earlier, saying the White House is planning to convene senior officials to coordinate on this matter.

On the capital side, U.S. spot Bitcoin ETFs recorded net inflows of $181 million and $108 million on July 14 and 15, respectively, reversing the earlier streak of outflows. However, compared with the bloodletting scale of more than $400 million per day in early July, the momentum to refill buying demand remains modest.

SOL approaches a two-week low; XRP returns to early-July low-range

Other major coins also weakened in tandem: SOL is temporarily at $75.53, down 1.87% over 24 hours. During the session, the low of $74.92 briefly neared the near two-week low of $74.27 set on July 14. XRP is at $1.09, down 1.75%, returning to the low range seen since early July; it is still about 7% away from the swing high of $1.18 on July 5.

Fear index ticks up to 27 as the market waits for the hearing and capital flows

On sentiment indicators, the Fear and Greed Index is at 27 this morning, up 2 points from yesterday’s 25. It has moved out of the “extreme fear” zone and back into “fear,” but it is still far from the neutral level. In the short term, the market’s focus is on the Senate voting timeline after the CLARITY Act hearing, whether ETF capital flows can continue to post net inflows, and whether the sell pressure in tech stocks caused by TSMC’s earnings will further spill over.