According to the whale alert, the market was already dragged by shredders.
This happened when Ethereum (ETH) fell below $3,770, with Bitcoin bleeding at under $118,200, and over 117,000 accounts being forced to close in a liquidation tsunami that erased $348 million for almost a long time.
ETH scored its biggest hit with a $35.13 million liquidation, while BTC and Solana (SOL) scored $6.73 million and $5.07 million, respectively. What’s worse is that almost all of the pain came from one side.
In just an hour, $84 million was wiped out, of which $79 million came from an over-covered bull that hadn’t had the opportunity to reposition the rug before it was pulled.
🚨🚨🚨🚨🚨🚨500,000,000 #USDC (499,929,000 USD) transferred from unknown wallet to #binancehttps://t.co/t41o0heaom
– Whale Alert (@Whale_Alert) July 28, 2025
Then there were whales. USDC’s clean 5 billion fell directly into Binance from an unidentified wallet. This is the direct route from deep pockets to the world’s biggest exchange right after the dust settles.
That timing suggests someone is in position rather than from then. Whether the wallet behind the move is geared up to scoop up a discounted measure or sell it to bounce, the firepower stands out. If this is a warm-up, the main play may still be loaded.
The crash may have caused a liquidation, but the money just showed up. Also, in ciphers, sizes are usually long and do not sit still.