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Bitcoin (BTC) fell below $111,000 during a sudden weekend flash crash triggered by a whale unloading 24,000 BTC, valued at over $300 million at current rates, into a low-liquidity market.
The whale transferred the entire amount to Hyperunite, with 12,000 BTC sent only on Sunday, as CoinDesk highlighted earlier on Monday. This action wiped out the gains made following Fed Chair Jerome Powell’s speech on Friday and led to significant forced selling across the market.
This abrupt selloff resulted in liquidations totaling $238 million in Bitcoin positions and $216 million in Ether (ETH), contributing to over $550 million cleared within the last day. BTC prices briefly dipped below $111,000 before stabilizing around $112,800 as of Monday morning in Asia.
Liquidations highlight the fragility of positions in the cryptocurrency market. When traders use leverage and the market turns against them, exchanges intervene by automatically closing their positions.
A wave of long liquidations can reset the market for a more robust recovery, while a series of short liquidations can propel the next upward movement.
Despite the drop in BTC, Ether has remained more resilient, trading at $4,707—up 9% over the past week. Some analysts indicate that whales and institutions are shifting their exposure from Bitcoin to Ether, anticipating that an impending Fed rate cut could impact Ethereum more significantly due to its lower market capitalization.
“Ethereum has continued to rise, propelled by ongoing interest from decentralized autonomous tokens (DATs),” said Jeff Mei, COO at BTSE. “The BTC/ETH ratio has rebounded to technically intriguing levels.”
Augustine Fan from SignalPlus concurred, noting a fundamental shift in demand: “ETH derivatives and the flow of tokenized assets are increasing relative to Bitcoin,” he mentioned in a Telegram message.
“Traders now envision a scenario where institutional accumulation alongside macroeconomic support drives Ether higher, with altcoins like Solana and Dogecoin also attracting investment,” Fan added.
Analysts suggest that this rally transcends mere macro trading. Institutional purchases and treasury allocations have provided additional momentum, fueling speculation that Ethereum could emerge as Wall Street’s favored blockchain.
“Ether’s new all-time high clearly indicates investor interest that goes beyond just Bitcoin,” remarked Samir Kerbage, chief investment officer at Hashdex, in an email to CoinDesk over the weekend, as reported.
The once-overly optimistic target of $10,000 is now frequently mentioned as Ethereum solidifies its role as the foundational layer for stablecoins, tokenization, and smart contracts, especially among traditional players. The year-to-date increase for ETH now stands at 45%.
Read more: Bitcoin Reverses Powell Spike With a Flash Crash as Options Market Signals Jitters Ahead
