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40m ago

Bitcoin Slides to $111,000 After Whale Offloads 23,000 BTC as Ethereum Eases From Record

Thin weekend liquidity magnified a whale-driven selloff into forced unwinds across derivatives.

A souvenir bitcoin token is seen pictured with a 100 ruble bill in Moscow on July 30, 2024. Russian lawmakers voted on July 30, 2024 to tighten rules on petrocurrency mining, while also paving the way for it to be used in cross-border payments as a means to skirt Western sanctions. (Photo by Alexander NEMENOV / AFP) (Photo by ALEXANDER NEMENOV/AFP via Getty Images)
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Overview

  • On-chain trackers say a long-dormant holder sent roughly 23,000 BTC (about $2.6 billion) to Hyperliquid, rotated into large ETH spot buys near 473,000 ETH, and kept over 40,000 ETH in open longs after partial profit-taking.
  • Bitcoin fell from about $114,800 to roughly $110,700 within minutes, with reported liquidations ranging from about $500 million to $845 million and the largest single wipeout on OKX at $12.5 million.
  • Hyperliquid reported a record $3.4 billion in 24-hour spot volume and more than $4.7 million in fees during the turbulence, placing it near top centralized venues for BTC spot trading.
  • Ethereum briefly topped its 2021 peak near $4,946 before pulling back to the mid‑$4,000s, supported by strong August spot‑ETF inflows estimated around $2.8 billion.
  • Glassnode flagged broad BTC holder distribution led by the 10–100 BTC cohort, and analyst Willy Woo highlighted selling by early low–cost-basis holders as a structural headwind to price appreciation.