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 Resilience
BeInCrypto 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.
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.
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.
Meanwhile, economist and vocal Bitcoin critic Peter Schiff commented on the decline, noting that BTC’s drop raises concerns.
“Bitcoin just dropped below $109K, down 13% from its high less than two weeks ago. Given all the hype and corporate buying, this weakness should be cause for concern. At a minimum, a decline to about $75K is in play, just below $MSTR’s average cost. Sell now and buy back lower,” Schiff posted.
Nonetheless, investors appear unfazed by Schiff’s warnings, with buying-the-dip sentiment remaining strong across the market. Lookonchain, a blockchain analytics firm, reported that a crypto whale (bc1qgf) acquired 455 BTC valued at nearly $50.75 million.
“Since July 18, he has bought 2,419 BTC ($280.87 million) at $116,104 avg — now sitting on a $16 million+ loss,” the firm wrote.
Lookonchain noted that another swing-trading OTC whale (0xd8d0) invested 99.03 million USDC (USDC) to purchase 10,000 ETH worth nearly $43.67 million and 500 Bitcoins valued at around $54.99 million.
Furthermore, BitMine Immersion, the largest public holder of ETH, added another 4,871 coins to its holdings. The firm now holds 1,718,770 ETH valued at $7.65 billion.
Lastly, a whale address (0x4097) resurfaced after four years of dormancy, withdrawing 6,334 ETH worth $28.08 million from Kraken. Thus, this buying spree suggests that some market participants view the current dip as an opportunity rather than a long-term threat.
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