Bitcoin plunges below $115,000 as $705m of long bets wiped out amid choppy markets

Bitcoin’s Descent Below $115,000: Volatility Strikes Again

On August 1, Bitcoin slipped beneath the $115,000 threshold, marking its lowest level since mid-July and punctuating a turbulent stretch for the leading cryptocurrency. After soaring to an all-time high of $123,000 on July 14, the world’s largest digital asset has endured a 7% retreat—from peak to trough—mirroring a broader market wobble.

From Historic Highs to a Narrow Trading Range

Early July brought aggressive upside momentum. Between July 10 and 11, Bitcoin surged from $110,000 to $118,000 in under 24 hours—a 7.2% leap—driven by a wave of leveraged short liquidations and hints of renewed institutional interest. That spark helped propel BTC to a record $123,000 just three days later.

Yet the market quickly encountered resistance. Despite several consolidation attempts above $118,000, BTC failed to maintain its bullish run. Throughout late July, price action compressed into a narrowing band as profit-taking from early entrants collided with traders adopting cautious positions ahead of the Federal Open Market Committee’s inflation guidance, which kept rates steady at 4.4%.

As July drew to a close, Bitcoin’s price oscillated between $118,000 and $119,500, reflecting diminishing buying pressure. On August 1, the break below $115,000 underscored the fragility of that plateau and opened the door to a possible revisit of consolidation zones near $110,000.

For more on how Bitcoin’s market swings have impacted demand for specialised hires, see our analysis of how rising BTC levels triggered a web3 talent scramble.

Liquidation Cascade Fuels Downward Momentum

The price drop wasn’t gradual. It was amplified by a wave of forced deleveraging. Data from Coinglass reveals that over $705 million in long positions were wiped out across major exchanges in the past 24 hours, with Binance and Bybit alone shouldering 67% of that total.

• Binance & Bybit: Accounted for the bulk of liquidations
• One-hour spike: More than $12 million in BTC-specific positions unwound
• Total market-wide long liquidations: Exceeded $680 million, representing 93% of all crypto liquidations

The mass liquidation of over-leveraged bets accelerated Bitcoin’s slide below $115,000, triggering a cascade of margin calls and reinforcing the sell-off.

For context on how liquidations have shaped previous market swings, explore our piece on the hunt for crypto talent during BTC rallies.

On-Chain Metrics Point to Short-Term Weakness

On-chain indicators have also tilted bearish. Glassnode data shows:

• Declining active addresses: Suggests waning participation among holders and traders
• Reducing exchange outflows: A sign that fewer coins are being withdrawn for custody
• Contract open interest: Fluctuating as traders rebalance positions ahead of volatility

At press time, Bitcoin’s Fear and Greed Index slid from “greed” into a neutral zone, reflecting a market grappling with uncertainty.

While BTC remains up over 8% since the start of July and far above its June consolidation near $100,000, these on-chain trends underscore a short-term bearish outlook.

Altcoins Join the Slide

Bitcoin’s weakness rippled through the altcoin sector. Over the same 24-hour window:

• Ethereum fell 6.4% to around $3,611
• Solana and XRP each shed more than 7%
• Market-wide long liquidations: Totalled over $680 million

High-beta assets tend to amplify Bitcoin’s moves, and last month’s “alt season” didn’t escape a sharp retracement after parabolic rallies.

Implications for Crypto Recruitment and Talent Acquisition

Volatility isn’t just a trader’s concern—it reverberates across hiring desks and recruitment agencies specialising in crypto, blockchain and web3 roles. Firms navigating these market swings are adapting their talent strategies to remain agile.

Key Roles in Demand Amid Market Churn

• Risk analysts and compliance officers: To mitigate regulatory and financial exposure
• Blockchain security engineers: Focused on smart contract audits and protocol safeguards
• Derivatives traders and quant developers: To manage leverage and sophisticated strategies
• Crypto product managers: Bridging technical and business requirements
• Head of DeFi strategy: Driving yield-generation protocols

Read our 5 tips for successful web3 recruitment to refine your approach in an uncertain market.

Strategies for Blockchain Recruiters in Choppy Markets

When market sentiment shifts rapidly, recruitment teams must:

• Maintain an active talent pipeline: Engage passive candidates with proven track records in crypto and DeFi
• Highlight risk management expertise: Emphasise candidates who have weathered previous downturns
• Leverage niche communities: Source from developer forums, GitHub and industry events
• Offer flexible hiring models: Consider contract and project-based engagements
• Invest in employer branding: Showcase stability and growth paths, even during market corrections

To understand how recruitment firms can capitalise on bull markets and mitigate headcount freezes during pullbacks, see our analysis on the vital role of blockchain and crypto recruitment agencies.

Market Outlook and Talent Market Correlation

Historical patterns reveal a strong correlation between Bitcoin’s bull phases and hiring surges:

• Bull runs: Trigger an influx of fundraising, product launches and network upgrades, fuelling demand for developers, compliance experts and product leads
• Corrections: Often lead to budgetary constraints, prompting firms to prioritise efficiency and cross-functional hires
• Sideways markets: Encourage investment in infrastructure and scaling, requiring DevOps, security and token economics specialists

Long-term, the structural uptrend in crypto adoption supports continued hiring—despite temporary setbacks. As BTC consolidates its gains above $100,000, companies remain on the lookout for top blockchain and web3 talent.

Explore how talent teams prepared for November’s halving event in our report on Bitcoin’s past performance and the subsequent recruitment frenzy.

As market participants brace for further fluctuation, the imperative for skilled professionals in crypto trading, risk management and blockchain development has never been clearer. Recruiting teams that can pivot swiftly—matching the pace of the market—will secure the talent necessary to capitalise on the next leg of the blockchain revolution.