Bitcoin News Today: Crypto Market Crashes as Institutional Whale Buys $45M in BTC Amid Chaos

The cryptocurrency market experienced a turbulent 24-hour period marked by over $1.2 billion in long liquidations, as major assets like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) plunged amid heightened volatility. The liquidations were driven by a sharp sell-off that saw Bitcoin drop from $108,000 to $105,000 and ETH fall from $3,700 to $3,500 within an hour, according to Coinglass data in an FXStreet report. The largest single liquidation during the crash was a $33.9 million order on HTX, highlighting the severity of the downturn.

A key figure in the crypto trading community, 0xc2a3—a trader previously celebrated for a 100% win rate—suffered significant losses after closing positions in BTC, ETH, and SOL at a loss. Smart money tracking tools like Lookonchain revealed that the trader's net profit/loss on Hyperliquid flipped from +$33 million to –$17.6 million during the selloff, as detailed in the FXStreet article. The collapse also impacted other high-profile traders, including Machi Big Brother, who was fully liquidated with over $15 million in losses.

The market turmoil coincided with a $120 million hack of the Balancer DeFi platform, which triggered broader scrutiny of blockchain security and decentralization. Validators of Berachain halted the network, while Sonic introduced a freeze functionality to mitigate further damage in an FXStreet report. The incident contributed to a 3.2% decline in the overall crypto market, with Bitcoin, ETH, and SOL leading the losses, according to that FXStreet coverage.

Bitcoin's price action underscored the fragility of the market. The asset tested critical support at $106,600 after a 19% drop, with analysts warning that a break below this level could push prices toward $98,000–$100,000 in a TradingView report. A major institutional buyer, however, signaled confidence by purchasing 397 BTC for $45.6 million at an average price of $114,771, increasing its holdings to 641,205 BTC valued at $69 billion, as noted in the same TradingView piece. This move came despite Bitcoin's 2.7% decline over the past 24 hours, as it struggled to recover above $107,000.

Altcoins fared even worse, with Ethereum down 6%, Solana losing 10%, and Dogecoin (DOGE) plummeting 8% to $0.1697. The DOGE decline was driven by $440 million in whale sales and a breakdown below the $0.18 support level, signaling sustained institutional distribution, according to a CoinDesk report. Analysts noted that stabilization above $0.165 would be critical for a potential rebound, though the broader technical outlook remains bearish.

The selloff was exacerbated by negative sentiment in the U.S. market, as evidenced by the Coinbase Bitcoin Premium Index hovering near -$30 during the crash, a point highlighted earlier by FXStreet. The index, which measures the spread between spot and futures prices, remained negative throughout the weekend, reaching -$80 on Friday.

While the immediate outlook for Bitcoin and altcoins remains uncertain, the liquidation data underscores the fragility of leveraged positions in a rapidly shifting market. With DeFi platforms facing heightened scrutiny and macroeconomic factors lingering, traders are bracing for further volatility.