Crypto traders liquidated for over $700 million in a day

On August 24, Bitcoin ( BTC ) experienced a sudden “flash crash,” losing $4,000 from its market price within ￰0￱ King, CEO of WhaleWire, suggested the sell-off was sparked by a single large holder liquidating over 24,000 BTC, worth more than $2 billion: “Bitcoin flash crash today, which wiped out $310M in long positions, has been traced to a SINGLE Bitcoin whale dumping BTC for ￰1￱ whale sold 24,000+ BTC, including coins that hadn’t moved in 5+ years.” The effects of the sell-off were felt across the broader crypto market , which lost $130 billion from its total ￰2￱ crypto market capitalization.) August 25, 2025 Ethereum capitalizes on the Bitcoin crash The 24,000 BTC sale cited by King, routed through decentralized exchanges ( DEXs ) like Hyperliquid ( HYPE ), led to nearly $2 billion converted into Ethereum ( ETH ).

More precisely, around 275,500 ETH, worth $1.3 billion, was staked, while 135,263 ETH, around $620 million, was leveraged into long ￰3￱ a result, Ethereum was briefly pushed to an all-time high of $4,953, underscoring its growing role as a yield-bearing alternative to “digital gold.” However, volatility is likely to remain high for both assets until the federal rate cuts have been clarified, as evidenced by Ethereum already being down 3.89% since yesterday at the time of writing, trading at $4,594. Of course, Bitcoin’s resilience could also be tested by its ability to absorb large-scale whale activity such as that seen over the ￰4￱ image via Shutterstock