Bitcoin tumbled almost 4% in minutes on 24 August, briefly touching an intraday low of $110,671 before recovering above $112,000
Bitcoin tumbled almost 4% in minutes on 24 August, briefly touching an intraday low of $110,671 before recovering above $112,000. Blockchain-analysis firms tracking the address activity said the move coincided with a transfer of more than 24,000 BTC—valued at roughly $2.7 billion—to the crypto-derivatives venue Hyperunite/Hyperliquid.
The sudden sale erased about $3 billion in aggregated open interest across Bitcoin and Ethereum contracts and triggered a wave of forced liquidations. On-chain data show between $294 million and $310 million of Bitcoin long positions were wiped out in roughly an hour, part of a broader 24-hour tally that saw 130,441 traders liquidated for $543.57 million across all digital-asset markets.
Despite the disposal, wallets linked to the entity still control 152,874 BTC. Blockchain records also indicate that two long-standing Bitcoin holders—believed to include the seller—redeployed proceeds into Ethereum, staking a combined 275,500 ETH worth about $1.3 billion. The episode underscores how a single large holder can jolt crypto markets even as liquidity and derivatives participation deepen.
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Source: https://thedefiant.io/news/markets/whale-dump-sends-bitcoin-to-110671-erases-3-billion-open-interest-0c898063
