Bitcoin fell as low as $75,678 during the session on July 23, then briefly reclaimed the $78,000 level before slipping back. It was last quoted at $77,587, with its 24-hour decline narrowing to 5.7%. Ether moved lower as well, dropping from around $2,400 the previous evening to a low of $2,219, and was later quoted at $2,289.7.
Data cited from Coinglass showed more than $510 million in liquidations over the past 24 hours. The largest single loss came from a long position on Hyperliquid, which reportedly lost $128 million. Bitcoin’s failed attempt to hold above $78,000 suggested that dip buyers were active, but the rebound did not last.
A widely watched whale moved 106,183.97 ETH to Binance
On-chain monitors said the so-called “1011 insider whale,” known for a well-timed short during the sharp market drop on October 11 last year, has transferred a cumulative 106,183.97 ETH to Binance since early in the day. The transfer was valued at about $257 million, with an average deposit price of $2,427.88. Large transfers to exchanges are often treated by traders as a possible sign of pending sell pressure.
The same whale still holds 469,642.98 ETH on-chain, worth roughly $1.11 billion. The source article noted that this address had previously built short positions ahead of a steep decline and booked profits in the tens of millions of dollars, which is why the new Binance deposits drew attention.
Other large holders were buying into the drop
Not every whale was reducing exposure. According to Onchain Lens, the address “0xFB7” bought 15,642 ETH worth about $36.24 million from WinterMute and Coinbase, and also acquired 10 cbBTC worth around $777,580. After those purchases, its ETH holdings rose to 135,822 ETH, valued at roughly $314 million.
Another entity identified as “7 Siblings” also added to its position, purchasing 11,333 ETH for $26.13 million. Over the past two days, it spent a total of $57.21 million to buy 24,139 ETH at an average price of $2,370. The source also said the entity still had open buy orders on CoWSwap, pointing to plans for more accumulation.
Liquidation pressure remains heavy across leveraged positions
A separate on-chain data point in the source said that when BTC touched $75,678, total crypto liquidations over 24 hours reached $2.58 billion, with more than 420,000 traders liquidated and roughly $111 billion erased from the total crypto market cap. That figure does not match the earlier $510 million liquidation tally, but both sets of numbers indicate intense stress in leveraged markets.
The article also noted that “7 Siblings” is holding about 596,800 ETH through borrowing and leverage. If ETH continues to slide, that position could face liquidation risk as well. The source further listed several pressures being watched by the market, including worsening US-Iran tensions, weak safe-haven performance in precious metals, and continued net outflows from spot Bitcoin ETFs.