Nearly $1B Wiped Out in Crypto Liquidations: Are | Crypto News
The crypto market has been rocked by a wave of liquidations totaling practically $808 million in the past 24 hours, with Bitcoin (BTC) dipping below the important $110,000 threshold.
This mass sell-off erased practically all positive aspects sparked by Federal Reserve Chair Jerome Powell’s dovish feedback at Jackson Hole just days earlier, leaving buyers questioning whether or not the dip indicators alternative, or hazard.
Bitcoin Flash Crash Triggers Massive Liquidations
Data from CoinGlass exhibits that long positions accounted for $696 million of the $112 million liquidated, underscoring how overleveraged bullish merchants have been caught off guard.
Bitcoin alone noticed $272 million liquidated, while Ethereum (ETH) adopted the checklist at $262 million. Altcoins including Solana, XRP, and Dogecoin also suffered double-digit losses, dragging the global market cap down by practically $200 billion to $3.8 trillion.
The sudden downturn was intensified by a Bitcoin whale unloading 24,000 BTC price $2.7 billion, triggering a flash crash that despatched shockwaves across exchanges. More than 200,000 merchants have been liquidated, with the only largest liquidation coming from a $39 million BTC commerce on HTX.
Are Whales Buying the Dip?
Despite the sell-off, blockchain data reveals that a number of large holders have been scooping up BTC and ETH during the downturn.
One whale reportedly acquired 455 BTC ($50M), while another spent practically $100M USDC to accumulate both Bitcoin and Ethereum. BitMine Immersion, one of the biggest ETH holders, also added practically 5,000 ETH to its reserves, signaling confidence in long-term growth despite short-term volatility.
This “buy the dip” conduct suggests whales might even see the correction as an entry level, boosting the assumption among some analysts that the market is experiencing a healthy reset after weeks of overleveraging.
What Comes Next for Bitcoin and Crypto?
While Bitcoin trades precariously around $110,000, analysts warn that the next important help lies at $105,000. A breakdown below this stage might speed up a fall toward the $92,000–$100,000 vary. September has also traditionally been a weak month for crypto, including additional draw back risk.
Still, record-high futures open curiosity and institutional flows into ETH signal that sentiment hasn’t turned totally bearish. Whether this is the start of a deeper correction or just a shakeout before the next leg up, one factor is clear: whales are quietly betting on a rebound.
Cover image from ChatGPT, BTCUSD chart from Tradingview
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