Are Whales Turning the Crash Into a Buying Opportunity?

The crypto market has been rocked by a wave of liquidations totaling nearly $808 million in the past 24 hours, with Bitcoin (BTC) dipping below the critical $110,000 threshold.

Bitcoin Flash Crash Triggers Massive Liquidations

Data from CoinGlass shows that long positions accounted for $696 million of the $112 million liquidated, underscoring how overleveraged bullish traders were caught off guard.

Bitcoin alone saw $272 million liquidated, while Ethereum (ETH) followed the list at $262 million. Altcoins including Solana, XRP, and Dogecoin also suffered double-digit losses, dragging the global market cap down by nearly $200 billion to $3.8 trillion.

The sudden downturn was intensified by a Bitcoin whale unloading 24,000 BTC worth $2.7 billion, triggering a flash crash that sent shockwaves across exchanges. More than 200,000 traders were liquidated, with the single largest liquidation coming from a $39 million BTC trade on HTX.

BTC's price trends to the downside on the daily chart. Source: BTCUSD on Tradingview

Are Whales Buying the Dip?

Despite the sell-off, blockchain data reveals that several large holders have been scooping up BTC and ETH during the downturn.

One whale reportedly acquired 455 BTC ($50M), while another spent nearly $100M USDC to accumulate both Bitcoin and Ethereum. BitMine Immersion, one of the largest ETH holders, also added nearly 5,000 ETH to its reserves, signaling confidence in long-term growth despite short-term volatility.

This “buy the dip” behavior suggests whales may see the correction as an entry point, boosting the belief among some analysts that the market is experiencing a healthy reset after weeks of overleveraging.

What Comes Next for Bitcoin and Crypto?

While Bitcoin trades precariously around $110,000, analysts warn that the next critical support lies at $105,000. A breakdown below this level could accelerate a fall toward the $92,000–$100,000 range. September has also historically been a weak month for crypto, adding further downside risk.