- Whale sells 24,000 BTC, impacts market significantly.
- Liquidation of $300 million Bitcoin longs.
- Institutional shifts seen, ETH staking increases.
Over $300 million in Bitcoin and crypto longs were liquidated after a major whale sold 24,000 BTC, igniting a swift market decline, data indicates.
The sell-off highlights market vulnerability, impacting BTC, ETH, and altcoins, while some institutional investors capitalize, suggesting potential price resilience amid volatile conditions.
Over $300 million in Bitcoin and crypto longs were liquidated following a massive whale sell-off of 24,000 BTC. The event triggered a sharp market-wide flash crash that affected Bitcoin, Ethereum, and various altcoins.
The major entity behind the sell-off is identified as a long-dormant whale holding over five years of unmoved coins. Over 12,000 BTC were moved to the Hyperunite trading platform. No public statements have been made by the whale or platform.
This event caused immediate liquidations of leveraged positions, with more than $300 million occurring in under ten minutes. Bitcoin’s price dropped from $115,000 to $110,600, marking a six-week low.
Ethereum also experienced volatility, hitting a new all-time high near $5,000 before plunging to $4,700. Subsequently, a partial recovery brought it back to $4,800. This triggered a ripple effect across the broader crypto-market. “The liquidations are once again mounting, over $300 million just in the past hour.” — Arkham Intelligence
Institutional investors reacted by absorbing 16,000 BTC at discounted prices, signaling potential long-term bullish strategies. This includes strategic shifts towards Ethereum and significant ETH staking aimed at yield generation.
Experts cite historical precedents of similar volatile events where leveraged liquidations and whale movements often lead to temporary market bottoms. Some analysts, including Max Keiser, predict eventual long-term growth, quoting potential highs due to macroeconomic factors. “Bitcoin could hit $2.2M due to U.S. debt concerns.” — Max Keiser
