Whales Buy the Dip Despite Nearly $1 Billion in Crypto Liquidations
The cryptocurrency market experienced significant turbulence in the past 24 hours, with the total market capitalization dropping 3.83%. The downturn triggered nearly $1 billion in crypto liquidations, mostly from long positions.
Despite the sharp decline, investors continue to buy the dip, suggesting resilient confidence in the market’s long-term trajectory.
Crypto Market Slides, But Whale Buying Signals ResilienceBeInCrypto Markets data showed that the global crypto market cap stood at $3.86 trillion, with all major coins in red. Among the top 10 coins, Solana (SOL) was the biggest loser, dipping 10.75%.
Moreover, Bitcoin (BTC) fell below the $110,000 threshold to trade at $109,801, a 3.11% drop over the past day. Ethereum (ETH) faced a steeper decline.
The altcoin slipped below $4,500 to $4,393, marking a 7.29% decrease in the same period. ETH is now 11.1% below its all-time high, achieved on Sunday.
Crypto Market Performance. Source: BeInCrypto Markets
Amid this dip, crypto liquidations surged. According to data from Coinglass, 207,102 traders were liquidated over the past 24 hours, with liquidations totaling $942.72 million.
Of this amount, $832 million came from long positions. The largest single liquidation was recorded on HTX, involving a BTC-USDT trade worth $39.24 million.
Crypto Liquidations Over The Past 24 Hours. Source: Coinglass
Ethereum saw the highest liquidations at $322.85 million, including $279.79 million in longs. Bitcoin followed with $264.73 million in total liquidations.
The primary catalyst for the latter market movement appears to be a Bitcoin flash crash, triggered by a whale offloading a substantial BTC holding.
