Nearly $1B in Crypto Liquidations Triggered by BTC Whale Sell-Off
Crypto liquidations surged to $930.8 million over the past 24 hours as a flash crash swept the market following a 24,000 BTC ($2.7 billion) whale sale. ETH liquidations topped $318.8 million, 88% from long positions, while BTC saw $255 million. Among altcoins, SOL led with $53.8 million, followed by XRP ($22 million) and LINK ($12.9 million). Meme coins DOGE, FARTCOIN, and 1000PEPE recorded $23.4 million, $7.1 million, and $6 million, respectively. Derivative traders faced $819.7 million in long and $111.7 million in short liquidations across 204,222 positions. Bybit ($314.4M) and Binance ($238.8M) bore the highest losses. Analysts attribute the volatility to an institutional rotation into ETH, macro uncertainty, and technical bearish signals like rising wedges and double tops. Bitcoin dipped below $110k, down 3.2% at $109,982, while Ethereum fell 7.2% to $4,442. Locally, the Philippine Congress is debating a Bitcoin Strategic Reserve Bill mandating annual purchases of 2,000 BTC over five years.
Bearish
The massive $930.8 million in crypto liquidations and a whale-driven flash crash signal near-term bearish pressure. Similar events in May 2021 and July 2022 saw heavy long liquidations trigger sharp drops below key support levels. Technical indicators—rising wedge, double top, negative RSI/MACD—reinforce the risk of further downside. Short-term traders may face continued volatility and stop-loss hunting, while liquidity remains scarce. In the medium to long term, renewed institutional interest in Ethereum and government reserve proposals could provide support, but macroeconomic uncertainty and typical September weakness suggest caution. Until technical patterns reverse and liquidity returns, the market outlook remains cautious and tilted toward further declines.