Crypto Journalist
Anas Hassan
Crypto Journalist
Anas Hassan
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An anonymous whale has acquired $792 million worth of Bitcoin following a brutal liquidation event that wiped out $1.05 billion in leveraged positions after unexpectedly high US inflation data triggered widespread market selloffs.
The massive purchase occurred as Bitcoin retreated from its new all-time high of $124,457 to current levels around $119,000.
The acquisition also coincided with BlackRock’s aggressive accumulation strategy, with the asset manager purchasing $523 million in Bitcoin and $519 million in Ethereum during Thursday’s market dump.
US spot Bitcoin ETFs recorded $230 million in net inflows on August 14, led by BlackRock’s IBIT with $524 million, while Ethereum ETFs saw $640 million in inflows driven by ETHA’s $520 million contribution.
Treasury Secretary Scott Bessent initially crushed market sentiment by declaring the US “will not be buying any Bitcoin” for its Strategic Reserve, later clarifying that the government would explore “budget-neutral pathways” to expand holdings beyond confiscated assets.
Adding more bullish optimism, David Bailey’s Bitcoin firm Nakamoto has completed its merger with healthcare company KindlyMD to create a publicly traded vehicle targeting $ 1 million in Bitcoin accumulation.
The merged entity plans to deploy $540 million from recent financing into building substantial Bitcoin treasury holdings.
Market Massacre Tests Institutional Resolve
The July Producer Price Index exceeded expectations at 3.3% annually versus the forecasted 2.5%, triggering the largest crypto liquidation event in months.
Bybit suffered the heaviest casualties with $447 million in destroyed leveraged positions, representing 42% of total liquidations across exchanges.
Ethereum bore the brunt of asset-specific damage, falling 3.78% with $229 million in long positions and $80.22 million in short positions obliterated.
Bitcoin declined 2.98%, erasing $253 million in leveraged positions in minutes, while altcoins suffered deeper corrections with SOL down 5.12%, XRP dropping 6.63%, and DOGE plummeting 8.90%.
Popular trader AguilaTrades lost 18,323 ETH worth $83.56 million, leaving only $330,000 in their account after the liquidation cascade.
The selloff reversed what appeared to be a generational bull run, with Ethereum just $120 away from setting new records and Solana poised to challenge previous peaks above $208.
During the liquidation, the crypto Fear and Greed Index shifted dramatically to extreme fear levels before coming back to 59 neutral today..
Market psychology underwent a rapid transformation as cascading liquidations forced overleveraged positions to close.
Corporate Bitcoin Race Intensifies Despite Volatility
KindlyMD’s merger with Nakamoto adds another major player to the corporate Bitcoin accumulation race, joining Strategy’s 628,946 BTC holdings and ambitious expansion plans.
Metaplanet targets 210,000 Bitcoin by 2027, while Semler Scientific aims for 105,000 BTC in the same timeframe.
The merged entity currently holds just 21 Bitcoin but expects to add approximately 4,544 BTC through its $540 million deployment, potentially placing it among the top 20 Bitcoin treasury firms.
KindlyMD shares surged 13.4% on merger news, continuing the trend of strong price appreciation among Bitcoin-focused companies.
BlackRock and Fidelity also continue amassing Bitcoin through ETF structures.
This organized accumulation is creating sustained institutional demand despite short-term volatility.
Technical Analysis Points to Range-Bound Consolidation
Bitcoin’s hourly chart reveals the first significant structural break in its uptrend, establishing a “Lower Low” around $117,000 after a series of higher highs and higher lows.
According to the analysis shared by a veteran trader, BitcoinHyper. The pattern suggests relentless buying pressure from $113,000 to $124,000 may be showing exhaustion signs.
The recent spike above $124,000, followed by a retracement into the $118,500-$123,000 range, suggests a deviation rather than a genuine breakout.
Bitcoin futures premium remains neutral below 10%, indicating traders were unfazed by the price drop from all-time highs.
The resilience in derivatives markets indicates little fear of retesting $110,000 support despite repeated failures above $120,000.
The anonymous whale’s $792 million acquisition provides fundamental support but has not overcome existing resistance dynamics.
Technical analysis suggests other institutional players may be using strength to rebalance positions, requiring additional accumulation before decisive breakouts.
Bitcoin appears positioned for continued range-bound trading between $116,000-$123,000 while rebuilding its technical foundation.
The whale investment should provide a floor for corrections rather than an immediate breakout catalyst, with patience required before sustained advances beyond current resistance levels.
