Bitcoin whales are dumping massive amounts of supply on exchanges as liquidations mirror the 2022 FTX market collapse

Bitcoin experienced a sharp selloff, dropping near $60,000, with on-chain data suggesting a mechanical unwind rather than a single catalyst. Key contributing factors include persistent selling pressure from US spot Bitcoin ETFs, which have seen over $6 billion in net outflows, reducing the market's natural buying support. This price drop triggered a cascade of over $1.2 billion in leveraged position liquidations. On-chain analysis shows a spike in realized losses comparable to November 2022, alongside significant Bitcoin inflows to Binance from whales, indicating large holders were moving supply to exchanges. This entire sequence—weakened bids from ETF outflows, forced liquidations, and whale activity—is characteristic of past severe drawdowns, amplified by broader macro risk-off sentiment affecting multiple asset classes.

(Source：CryptoSlate)