Woofun AI reports that Bitcoin and Ethereum accelerated their decline following the U.S. stock market open on July 17th. Bitcoin traded at $62,554.81, reflecting a nearly 0.84% drop in the past hour, while Ethereum hovered near $1,810.62, struggling to maintain support above $1,800.

A significant market participant rapidly reduced leveraged Ethereum long positions during this period. The trader's 25x leveraged position was scaled down to 3,500 ETH, valued at $6.338 million. Consequently, the liquidation price for these long positions fell to $1,795.49, placing it less than 1% away from the current market price.