Crypto Giants Binance and Coinbase Dump Over $2 Billion in Bitcoin as Price Plunges Below $90,000
Major exchanges just triggered a seismic sell-off. Binance and Coinbase moved over two billion dollars in Bitcoin off their books as the market buckled below a key psychological level.
The Big Unload
It wasn't a trickle—it was a tidal wave. The coordinated movement of such a colossal sum from two of the world's largest trading platforms sent immediate shockwaves through the order books. This isn't casual portfolio rebalancing; it's a strategic offload that screams institutional caution.
Reading the Tape
When whales of this size move in unison, the market listens. The sell pressure from over $2 billion in Bitcoin hitting the market simultaneously is a brutal force, one that easily explains the rapid descent past the $90,000 support line. It's a classic liquidity grab, shaking out weak hands and testing the resolve of long-term holders.
What's Next for the King Coin?
Volatility isn't a bug in crypto; it's the main feature. This dip represents a massive transfer of assets, not necessarily their disappearance. For every seller, there's a buyer accumulating at these levels—often the very same institutions that preach patience during their own buying sprees. The real story will be who's on the other side of these trades and what their time horizon looks like. After all, in traditional finance, they call this 'market making.' In crypto, we just call it Tuesday.
Crypto Market Faces $430 Million In Liquidations
Data from CoinGlass reveals that nearly $430 million in liquidations occurred across the crypto market over the past 24 hours, predominantly affecting leveraged long positions, which accounted for about $350 million.
During this period, Bitcoin underwent a 3.5% retracement, with its price settling at just above $89,120—a stark 29% below its all-time high of over $126,000 reached in October.
Market expert OxNobler recently highlighted the role of both retail and institutional investors in this downturn. In a post on social media platform X, OxNobler detailed the reason behind Bitcoin’s decline: significant sell-offs by major players.
According to the analyst, the world’s largest cryptocurrency exchange, Binance, sold 4,000 BTC; U.S.-based Coinbase (COIN) liquidated 5,675 BTC; and traditional finance giant Fidelity sold 3,288 BTC. Additionally, market maker Wintermute offloaded 1,793 BTC.
Notably, the analyst pointed out that Strategy, formerly MicroStrategy, which is the largest public company holder of bitcoin with over 650,000 coins, has also sold over 3,820 coins in this same time frame.
The firm’s sell-off comes on the heels of speculation regarding Strategy’s potential to liquidate some of its holdings due to the substantial losses affecting its financial performance amid declining Bitcoin prices.
When Strategy CEO Phong Le was questioned about the possibility of selling off Bitcoin, he acknowledged that while the firm’s former CEO, Michael Saylor, has consistently opposed selling, circumstances may change if the company’s stock trades below the net value of its Bitcoin holdings, which aligns with the recent actions taken by the firm.
Coinbase Analysts Predict December Recovery
Interestingly, while these institutional sell-offs have contributed to the current market dip, Coinbase’s institutional division has projected a potential recovery for the crypto market in December, citing improving liquidity, a 92% probability of the Federal Reserve (Fed) cutting rates, and supportive macroeconomic conditions.
Analysts have pointed out several reasons for optimism, including the recovery of liquidity, the resilience of the “AI bubble,” and the attractiveness of short US dollar trades at current levels.
However, OxNobler warned that the situation may not be so straightforward. Alongside the activities of major institutions, he noted that BlackRock, the world’s largest asset manager, had recently sold $130 million worth of Bitcoin and ethereum (ETH).
Furthermore, Vitalik Buterin, one of Ethereum’s co-founders, seems to have resumed selling Ethereum, with millions of ETH being moved from the foundation’s wallet through Gnosis Safe.
Ultimately, OxNobler asserts that these institutional activities may have a hand in manipulating crypto prices and preventing them from climbing to higher levels and key resistance points.
Featured image from DALL-E, chart from TradingView.com
