Bitcoin's price movement on Sunday was chaotic after a wave of whale-driven sell orders triggered a rapid drop of $2000, mass liquidations, and an equally aggressive rise.
The movements wiped out both long and short traders within hours, raising new concerns about low liquidity manipulation and weakness in the order book at a time when Bitcoin still hovers above $ 91,000.
$1.39 billion in Bitcoin dumped within one hour
Several analysts reported what appeared to be coordinated sales, where more than 15,565 BTC, worth approximately $ 1.39 billion, hit the market within a single hour.
“Here’s why the market just got wiped out: whales dumped 4,551 BTC, Coinbase dumped 2,613 BTC, Wintermute dumped 2,581 BTC, Binance dumped 2,044 BTC, BitMEX dumped 1,932 BTC, Fidelity dumped 1,844 BTC. A total of 15,565 BTC worth $ 1.39 billion was dumped in one hour! This was a full-scale coordinated sale,” wrote analyst Wimar in a post.
The sudden increase in supply hitting the market simultaneously accelerated Bitcoin's decline from $ 89,700 to $ 87,700, laying the groundwork for a cascade of liquidations.
$171 million in liquidations as longs and shorts are liquidated
The sharp initial drop wiped out BTC-longs worth $ 171 million, caught off guard as the Bitcoin price fell $ 2000 in minutes before rebounding with equal strength. As of now, the Bitcoin price is $ 91,494.
Along with this rapid rise, nearly $ 14 million in short positions were liquidated in the last hour and over $ 91 million in the last four hours.
“This is yet another example of manipulation in the low-liquid weekend to wipe out both leveraged longs and shorts,” said Bull Theory.
Data from Coinglass confirms the extent of the damage. In the last 24 hours, 121,628 traders were liquidated, resulting in total liquidations of $ 346.67 million.
Market commentators say this was not normal volatility, with Marto claiming the sequence was not random.
“People continue to call this volatility. It is not. It is constructed liquidity gathering. When the order book is weak, whales swing the price like a door hinge and profit on both sides,” he wrote.
Others pointed to the speed of the rise, with Lenny, a trader known for tracking liquidity flows, noting the swing.
“Honestly, the BTC drop to 89k was absorbed quickly. It's not noise,” noted Lenny chimed.
The rapid absorption suggests that strong spot demand remains intact even as aggressive margin calls continue at weekend's low levels.
Can Bitcoin hold $ 90,000?
Bitcoin price recovers after weekend losses, but still shows signs of heavy intraday stress. The double liquidations demonstrate how thin order books on weekends continue to be a target for large players capable of moving billions of dollars in minutes.
Spot demand may stabilize price movements into the coming week, especially as liquidity normalizes and derivative markets reset.
With over $ 300 million in liquidations behind it, Bitcoin enters the next trading sessions with removed leverage, but also increased sensitivity to further whale-driven movements.
Meanwhile, data shows that $ 1 billion in short positions are at risk of liquidation if the Bitcoin price rises to $ 93,000.
Strangely, the $ 93,000 level sits barely 2% above the current levels.
