- Bitcoin faced a $211M long liquidation on Binance as price dropped to $96K, marking the biggest flush-out in five years.
- Whale addresses holding 1,000+ BTC dropped from 2,114 to 2,094, signaling strategic exits amid high market volatility.
- Despite sharp corrections, Bitcoin continues trading between $90K and $104K with whales showing signs of cautious distribution.
Bitcoin experienced its sharpest long liquidation in five years, wiping out $211 million in leveraged positions on Binance. According to CryptoBusy, this mass liquidation is a decisive reset, removing overexposed traders and preparing for cleaner price action. The event occurred as Bitcoin hovered near $96,000, falling from highs above $104,000 earlier in June.
Source: CryptoBusy
The wipeout reflects intense market volatility. Bitcoin has traded between $90,000 and $104,000 in recent weeks, with large liquidation spikes during sharp corrections. Notably, similar liquidation surges above $200 million occurred during the 2021 correction phase. Back then, Bitcoin declined from its $69,000 all-time high to $15,500 by late 2022.
Leverage Cycles and Whale Behavior
High leverage remains a key volatility driver. CryptoQuant data shows liquidation volume tightly correlates with price movement speed and magnitude. During the 2022 bear market, spikes ranged between $25–75 million. Bitcoin traded between $15,000 and $25,000 for months before recovering.
Besides, Bitcoin achieved the price of $44,000 from late 2022 till 2023. The liquidation then eased, indicating calm sentiment in the market. The bull run of 2024, however, brought back rage in volatility. Bitcoin soared from $44,000 to beyond $104,000, with peak sessions of liquidations surpassing $50 million once more.
Whales Begin Trimming Positions
In the meantime, Glassnode data shared by analyst Ali shows changes among the biggest Bitcoin holdings. Around May 26, the number of addresses with more than 1,000 Bitcoin reached a height of 2,114. This number fell to 2,094 by June 11th, indicating a 20-high-value address decrease.
Source: Ali
Hence, the shift is suggestive of institutional players cashing out or strategically shifting their positions. There also was price volatility between $96,000 and $112,000 throughout May–June. However, the bulk of high-value wallets stayed put, which showed sustained conviction.
Moreover, fluctuations in whale addresses typically reflect accumulation and distribution phases. Even a change of 20 addresses involves billions of dollars in BTC. These movements provide valuable insights into broader market sentiment.
