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The crypto market just saw its biggest ever liquidation event, with over $19 billion wiped out in a matter of 24 hours, triggering a major Bitcoin price drop.
Bitcoin fell from a high of $122,600 on Friday to reach $107,000, extending a drop from its record high of $126,296 reached Oct. 6.
The impact of the sell-off was felt even bigger in the futures market; according to Glassnode, Bitcoin futures markets experienced their largest single-day open interest wipeout in history, with over $11 billion in positions cleared.
The sell-off coincided with a major distribution by long-term Bitcoin holders who have sold 240,000 BTC in the last 30 days. According to Maartunn, a community analyst at on-chain analytics platform CryptoQuant, this remains the largest distribution since January 2025.
As crypto participants await what comes next in the markets, NBA legend Scottie Pippen issues a word of warning: "Don't give up your Bitcoin."
Pipen indicated that demand for Bitcoin remains, saying "Everyone is going to want your Bitcoin."
What's next?
According to Swissblock, the next 48 hours might be key in the market to determine if the recent sell-off was a technical flush or a more prolonged downtrend.
In an update yesterday, Swissblock stated that caution might be warranted in the short term as volatility is high and volume remains thin, and patience is key before stepping back in.
Bitcoin concluded three straight days of drop on Saturday, before rebounding to $112,218 in the early Sunday session.
According to Willy Woo, an on-chain analyst, Bitcoin is still holding well: "BTC held up okay. Internally BTC was building a bullish structure with increasing inflows which likely shielded it. So far the flows are holding up ok."
Analysts highlight the next major support level for Bitcoin to be at $100,000, below which "would signal the end of past three-year bull cycle."
Dan Burgin
Vladislav Sopov
U.Today Editorial Team