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The crypto market has been rocked by a wave of liquidations totaling nearly $808 million in the past 24 hours, with Bitcoin (BTC) dipping below the critical $110,000 threshold.
This mass sell-off erased nearly all gains sparked by Federal Reserve Chair Jerome Powell’s dovish comments at Jackson Hole just days earlier, leaving investors questioning whether the dip signals opportunity, or danger.
Bitcoin Flash Crash Triggers Massive Liquidations
Data from CoinGlass shows that long positions accounted for $696 million of the $112 million liquidated, underscoring how overleveraged bullish traders were caught off guard.
Bitcoin alone saw $272 million liquidated, while Ethereum (ETH) followed the list at $262 million. Altcoins including Solana, XRP, and Dogecoin also suffered double-digit losses, dragging the global market cap down by nearly $200 billion to $3.8 trillion.
The sudden downturn was intensified by a Bitcoin whale unloading 24,000 BTC worth $2.7 billion, triggering a flash crash that sent shockwaves across exchanges. More than 200,000 traders were liquidated, with the single largest liquidation coming from a $39 million BTC trade on HTX.
BTC's price trends to the downside on the daily chart. Source: BTCUSD on Tradingview
Are Whales Buying the Dip?
Despite the sell-off, blockchain data reveals that several large holders have been scooping up BTC and ETH during the downturn.
One whale reportedly acquired 455 BTC ($50M), while another spent nearly $100M USDC to accumulate both Bitcoin and Ethereum. BitMine Immersion, one of the largest ETH holders, also added nearly 5,000 ETH to its reserves, signaling confidence in long-term growth despite short-term volatility.
This “buy the dip” behavior suggests whales may see the correction as an entry point, boosting the belief among some analysts that the market is experiencing a healthy reset after weeks of overleveraging.
What Comes Next for Bitcoin and Crypto?
While Bitcoin trades precariously around $110,000, analysts warn that the next critical support lies at $105,000. A breakdown below this level could accelerate a fall toward the $92,000–$100,000 range. September has also historically been a weak month for crypto, adding further downside risk.
Still, record-high futures open interest and institutional flows into ETH signal that sentiment hasn’t turned fully bearish. Whether this is the start of a deeper correction or just a shakeout before the next leg up, one thing is clear: whales are quietly betting on a rebound.
Cover image from ChatGPT, BTCUSD chart from Tradingview
