The cryptocurrency market experienced a violent liquidation cascade with approximately $89.61 million in positions forcibly closed within a single hour. This abrupt downturn was primarily driven by large-scale Bitcoin sell orders executed by long-term holders known as ancient whales.
Market data indicates over $34.08 million in Bitcoin long positions were liquidated during the event, reflecting extreme volatility triggered by the coordinated selling activity. The ancient whales’ decision to offload substantial BTC holdings created immediate downward pressure across derivatives markets.
Such concentrated selling from historically inactive wallets typically signals strategic portfolio rebalancing and often precedes heightened market uncertainty. The scale of liquidations underscores the continued vulnerability of leveraged positions to sudden whale movements in cryptocurrency markets.