The ghost of 2022 has returned. Bitcoin whales aggressively offloaded billions onto spot exchanges Friday, driving prices toward the $60,000 handle in a move market analysts are calling the worst drawdown since the FTX collapse.
Liquidity evaporated instantly. The asset slid approximately 17% in a single session, erasing billions in open interest and triggering a cascade of forced liquidations that overwhelmed order books. Unlike the 2022 crisis, this crash isn’t anchored to a centralized exchange failure, but the on-chain footprint is arguably more alarming: a "seller's virus" infecting long-term holders.
The Whale Exodus
Data confirms a massive migration of coins from cold storage to exchange hot wallets, a classic precursor to selling. MEXC analysts reported the sell-off mirrors the speed and magnitude of the FTX unwind, creating a feedback loop where falling prices trigger margin calls, which in turn force more selling.
The psychological impact is identical to November 2022. It’s not a solvency crisis; it’s a liquidity void caused by early, large-scale investors exiting simultaneously.
The danger now pivots to miners. With Bitcoin hovering near $60,000, profitability for older mining rigs is collapsing. Fears are mounting that major mining pools could be forced to liquidate their treasuries to cover operational costs, adding structural sell pressure to an already panicked market.
