The cryptocurrency market has been shaken by a wave of liquidations reaching nearly $808 million in the past 24 hours, as Bitcoin (BTC) fell below the critical threshold of $110,000.
This major sell-off has wiped out almost all gains following the supportive comments from Fed Chairman Jerome Powell at Jackson Hole just a few days ago, leaving investors questioning whether this decline is a sign of opportunity or danger.
The sudden drop was triggered when a Bitcoin 'whale' sold 24,000 BTC worth $2.7 billion, causing a flash crash that shocked exchanges worldwide. Over 200,000 traders were liquidated, with the largest liquidation coming from a $39 million BTC transaction on the HTX exchange.
Despite the sell-off, blockchain data shows that some large holders have bought BTC and ETH during the downturn.
One 'whale' is said to have bought 455 BTC ($50 million), while another whale spent nearly $100 million USDC to accumulate both Bitcoin and Ethereum. BitMine Immersion, one of the largest ETH investors, has also added nearly 5,000 ETH to its reserves, demonstrating confidence in long-term growth despite short-term volatility.
This 'buy the dip' behavior suggests that whales may view the correction as an entry point, reinforcing the belief of some analysts that the market is undergoing a healthy reset after weeks of excessive leverage.
While Bitcoin is trading erratically around $110,000, analysts warn that the next key support level lies at $105,000. A break below this level could accelerate the decline to the $92,000–$100,000 range. September is also typically a weak month for cryptocurrencies, adding to the downside risk.
However, record-high open interest in futures contracts and inflows from institutions into ETH indicate that market sentiment is not entirely negative. Whether this is a sign of a deeper correction or just a pullback before entering the next bull run, one thing is certain: whale investors are quietly betting on a recovery.
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