Bitcoin (BTC) fell below $111,000 during the overnight trade, reversing Friday's spike caused by Fed Chair Powell's dovish speech, as a whale sold into illiquid market conditions.
The cryptocurrency's price fell by over 2% from $114,666 to $112,546 in under ten minutes to 07:40 UTC. The so-called flash crash occurred when a single whale sold 24,000 BTC, worth over $300 million, according to blockchain data firm Timechainindex.com.
"This entity liquidated their entire 24,000 balance, sending all of it to Hyperunite. They transferred 12,000 just today and are still actively selling, which is likely contributing to the ongoing price drop," the firm's researcher Sani said on X, adding that the whale still holds a total of 152,874 BTC across all associated addresses, including 5,266 BTC.