Nearly $2.5B in BTC sold in 30 minutes after a sharp rally, triggering major liquidations and renewed market structure debate.
Bitcoin recorded sharp volatility after a fast rally was followed by a steep decline that erased billions in market value.
Nearly $2.5 billion worth of BTC was sold within 30 minutes, according to blockchain tracking data.
The move triggered large liquidations and sparked debate around the role of major trading firms.
Rapid Price Surge Triggers Liquidation Cascade
Bitcoin price moved higher within minutes during a high-volume trading window.
The upward push forced many short sellers to close their positions as margin levels were breached. Liquidation data from derivatives platforms showed a spike in forced buy orders.
As short positions closed, automatic market buys added further upward pressure.
This created a cascade effect, where rising prices triggered more liquidations. Open interest declined as leveraged traders exited positions.
Trading volume increased across major exchanges during the rally.
Order books showed thinning liquidity at higher levels, which can lead to sharper price swings. The surge, however, did not hold for long.
$2.5 Billion BTC Sold Within 30 Minutes
After reaching a local high, Bitcoin reversed direction sharply. On-chain tracking accounts reported that close to $2.5 billion in BTC moved and was sold within half an hour.
Large transfers to exchange wallets were observed before the decline.
According to a post on X by Crypto Currency, wallet activity during the sell-off was linked to entities associated with Wintermute, Binance, and Coinbase.
The post cited on-chain transfer data observed shortly before the price decline.
There has been no official confirmation from the firms regarding coordinated trading activity, and all three platforms continued operating normally during the volatility.
Market depth shifted as sell orders entered rapidly. The quick supply increase pushed prices lower and triggered long liquidations.
This reversed the earlier gains and added to overall market stress.
Related Reading: BTC Shorts Pull Back From $72K as Traders Face the Hardest Part of Trading
Ongoing Debate Over Market Structure
The episode renewed attention on liquidity concentration in crypto markets. Large firms often provide liquidity, and they also manage risk through rapid trading.
During volatile conditions, algorithmic strategies can amplify price moves.
Derivatives markets operate continuously, and leveraged positions can increase sensitivity to sharp price changes.
When forced liquidations occur on both sides, volatility can expand quickly. This pattern has appeared in prior Bitcoin trading sessions.
Regulators have not released statements regarding the event. Online discussions continue to debate whether the move reflected coordinated action or standard liquidity dynamics.
For now, verified data confirms heavy trading volume, large BTC transfers, and elevated liquidation levels during the 30-minute window.
Source: https://www.livebitcoinnews.com/wintermute-binance-coinbase-2-5b-btc-dump-sparks-debate/
