Wallets tied to the firm moved ~270 BTC (roughly $19M) to Bullish and LMAX right at the 10 a.m. open yesterday. Timing feels way too familiar, especially with their history and the ongoing manipulation chatter. Traders are watching closely.
BTC started the week hot — ripped 12% off the $65K support and had everyone feeling bullish in spot and futures. Then mid-week reality hit: nearly 8% of those gains vanished, leaving a pile of leveraged longs exposed in a sketchy setup.
$200M+ in liquidations over the last 48 hours, mostly longs that piled in during the short squeeze. Once it unwound, there was basically no bid underneath.
Short-term holders aren’t sticking around either. On-chain data shows 27K BTC sold in a single 24-hour window, lining up perfectly with that ~4% drop from $70K. Bid depth is thinning fast and conviction is fading.
Even the ETFs flipped the script. We saw almost $1B in net inflows earlier in the week, then the last two sessions brought nearly $600M flowing right back out. When big money turns on a dime like that, it just magnifies every swing.
Jane Street’s track record (lawsuits, sharp 10 a.m. moves, you name it) has everyone on high alert. Routine rebalance or strategic play? The market’s pricing it as a trigger either way.
Thin liquidity + fresh sell pressure + ETF outflows = classic setup for the next long squeeze. Bears have a clear target in sight.
The only real question left: is underlying demand strong enough to hold the line?
$BTC
67,880
-0.50%