Nearly $808 Million Liquidated in Crypto Market Amid Bitcoin Dip
The crypto market experienced liquidations nearing $808 million in 24 hours, with Bitcoin dipping below $110,000. This sell-off nullified gains from recent Federal Reserve comments.
Bitcoin Flash Crash Triggers Massive Liquidations
- Long positions constituted $696 million of the total liquidated.
- Bitcoin saw $272 million liquidated; Ethereum accounted for $262 million.
- Major altcoins like Solana, XRP, and Dogecoin faced double-digit losses.
- The global market cap fell by nearly $200 billion to $3.8 trillion.
- A whale sold 24,000 BTC ($2.7 billion), causing a flash crash.
- Over 200,000 traders were liquidated, with the largest liquidation at $39 million on HTX.
Are Whales Buying the Dip?
Despite the downturn, large holders are accumulating BTC and ETH. Notable purchases include:
- A whale bought 455 BTC ($50M).
- An investor spent nearly $100M USDC on Bitcoin and Ethereum.
- BitMine Immersion added approximately 5,000 ETH to its reserves.
This suggests whales view the correction as an entry point, indicating potential long-term market confidence.
What Comes Next for Bitcoin and Crypto?
Bitcoin's critical support level is around $105,000. A drop below this could lead to prices between $92,000 and $100,000. September is historically weak for crypto, increasing downside risk.
However, high futures open interest and institutional investment in ETH show that sentiment hasn't turned fully bearish. The market may be undergoing a healthy reset or preparing for a rebound.