Crypto Market Bloodbath: Bitcoin and Ether’s Price Slide Triggers $1B in Liquidations

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After closing below a crucial rising trendline on Wednesday, Bitcoin (BTC) price entered a new bearish trend that could take months to rebound. Over $1 billion in the crypto derivatives market was rekt, with more than $835 million from long traders. The Bitcoin derivatives market accounted for the lion’s share with about $493 million liquidated in the past 24 hours. As a result, the total crypto market capitalization dropped by approximately 6.7 percent in the past 24 hours to about $1.1 trillion as of publication time. 

The Crypto Optimism

Despite the sudden crypto dip and more analysts calling for more downward pressure, most investors remained optimistic as a buying opportunity. According to on-chain data analysis provided by market intelligence platform Santiment, the buy-the-dip crypto narrative was at its highest level since April. Reportedly, 0.9 percent of all crypto discussions related to buying the dip in the 

Whales Activity Spikes

Following the Bitcoin and altcoin dip, which saw XRP price obliterate all the gains made after the historical SEC vs Ripple ruling last month, on-chain data showed a significant increase in whale activity. An on-chain report by Santiment showed that Bitcoin whale transactions spiked to the highest level following the crypto dip. 

Notably, the Bitcoin whale activity began before the big dip. Interestingly, the number of Bitcoin addresses holding more than 10 BTCs remained relatively high, meaning whales did not sell their holdings but continued to accumulate.