Fartcoin Whale’s $2M Buy Triggers $6M Long Liquidations – Bearish Signal?
A whale linked to the wallet “wiftardio.sol” withdrew $2 million in USDC from Bybit and purchased 2.125 million Fartcoin (FARTCOIN) at $0.94 just before $5.99 million in Fartcoin long positions were liquidated on June 20. In the same period, only $921,000 in shorts were wiped out. Following the move, Fartcoin’s price fell 9.49% to $0.9359, while Open Interest (OI) dropped 9.74% to $557.44 million. Spot net outflows totaled $79,300 on June 21, indicating profit-taking rather than accumulation. Funding rates across exchanges remain neutral to slightly negative, reflecting trader indecision. Dense liquidation clusters between $0.95 and $1.00 now act as resistance, and price continues to trade below key Fibonacci and trendline support near $0.915. The whale’s purchase appears to be a liquidity trap, extracting profit before a broader sell-off. Unless bulls retake $1.05 with conviction, Fartcoin faces further downside pressure.
Bearish
The whale’s $2 million USDC purchase just before nearly $6 million of long positions were liquidated suggests a strategic exit rather than bullish conviction. Key bearish indicators include a 9.49% price drop, a 9.74% decline in Open Interest to $557.44 million, continued spot net outflows, neutral-to-negative funding rates, and resistance at previous liquidation zones ($0.95–$1.00). Similar past events—where large buys preceded mass liquidations—have led to further sell-offs as traders lose confidence. In the short term, these factors point to renewed downward pressure unless Fartcoin reclaims $1.05 decisively. Longer term, persistent outflows and stalled momentum indicate that bulls need substantial support to reverse the current negative sentiment.