One, $628 million in liquidations, 130,000 people out.
Last night, the crypto market was directly 'smashed'. In just a few minutes, $628 million was liquidated across the network, among which:
Long position liquidation: $459 million.
Short position liquidation: $168 million
Largest single loss: $12.48 million in Bitcoin.
Overnight, 130,000 people were liquidated. On the surface, it looks like a technical pullback, but behind it is the whales' clear operations.
Two, ancient whales are moving: BTC exchanged for ETH.
On-chain data reveals the trigger: an ancient whale who entered the market in 2011 suddenly awakened.
Holding 19,663 BTC (approximately $2.22 billion)
One-time exchange of 455,672 ETH
Still holding 176,616 ETH (approximately $832 million)
Even BTC on HyperLiquid is continuously being exchanged for ETH.
This is not just a simple portfolio adjustment, but a strategic reallocation action.
Three, Bitcoin is being used as a 'ATM', while Ethereum becomes the 'new favorite'.
Why is Bitcoin rising slowly in this cycle? The reason is simple:
For every Bitcoin sold, the market has to absorb $110,000 in selling pressure.
Whales are using Bitcoin to 'print money', continuously giving blood transfusions to Ethereum.
Bitcoin's role is shifting from an 'engine' to a 'cash cow', while Ethereum is enjoying a massive liquidity injection.
Four, ETH hits a new high: the result of capital voting.
Last night, Ethereum broke through $4,950, setting a new historical high.
Why is capital flocking to ETH?
Institutional layout: Fidelity and BlackRock have quietly increased their positions.
Ecosystem explosion: DeFi, NFT, and staking are all active, with scenarios far exceeding BTC.
Attribute change: BTC is 'digital gold', stable but lacking growth; ETH is 'digital oil', capable of driving the entire Web3 economy.
The whales know very well: instead of sticking to Bitcoin's slow bull, it's better to position early in Ethereum's fast lane.
Five, is the market about to change?
In the next three months, the market's main character is likely to shift from BTC to ETH.
Short-term risk: ETH's rapid rise may lead to a more severe correction.
BTC potential: after the whale selling pressure is digested, there is still a chance for a rebound.
This is not the end of Bitcoin, but a shift in the market landscape.
Six, a reminder from the president.
Ordinary investors should not blindly follow the trend:
Don’t touch high leverage; the ones who suffer the most from liquidations are always the gamblers.
Focus on large capital trends, ETF holdings and on-chain transfers are the real indicators.
Invest in mainstream assets regularly to smooth out volatility over time.
Every crash is a capital bloodbath: old funds cash out, new funds take over. The key is—don’t be the last one in the game of the whales.
—Follow [Blockchain A Liang], in the next article I will break down: how ordinary people can seize opportunities during the whale reallocation tide.
Continue to pay attention: ONT QTUM ONG $ETH $BTC $SOL
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