Bitcoin dropped sharply to $75,500 over the weekend after failing to hold above $77,000, triggering nearly $100 million in long liquidations within an hour. Major market maker Wintermute has built a massive $146.19 million short position on Hyperliquid, according to on-chain data, while also moving roughly $60 million in BTC and SOL to exchanges. Altcoins followed Bitcoin lower, with Ethereum falling 5% and XRP dropping 6.5%. Daily liquidations exceeded $350 million across more than 90,000 traders, an unusually high figure for a weekend.
Bitcoin’s price suddenly dipped to $75,500 after it failed to remain above $77,000 during the weekend. Most altcoins have followed suit, including the largest ones, which performed much better on Friday and Saturday.
This volatility, untypical for the weekend, came amid reports that prominent market maker Wintermute had gone short on several fronts. Onchain Lens noted that the company sent nearly $60 million in BTC and SOL to Binance and Coinbase, likely intending to sell.
In addition, the analytics resource said Wintermute has built up a massive futures position on Hyperliquid. Although current on-chain data shows the company holds a $13.85 million long position, the lion’s share of this leveraged trade is shorting the market—$146.19 million.
“Wintermute currently holds $160.03M in open positions on Hyperliquid, with $146.19M short and just $13.85M long. The positions are sitting at a combined unrealized loss of $3.66M, while earning $2.14M in funding,” Onchain Lens stated.
Bitcoin’s price, which had surged from $64,000 to almost $80,000 in less than 48 hours, reacted with a dip on Sunday morning. The asset had calmed at over $77,000 but slipped by more than $1,500 to $75,500 before finding support above $76,000, still down 2% on the day.
Many altcoins posted more painful losses. ETH dropped 5% to well below $2,400, while XRP fell 6.5% after being rejected at $1.70 and now trades below $1.50.
CoinGlass data shows that almost $100 million in longs were wrecked in the past hour, with BTC and ETH each accounting for roughly $41.5 million. On a daily scale, total liquidations top $350 million, with more than 90,000 traders getting wrecked—a high figure for a weekend.
This Sunday correction followed several signals that Bitcoin was due for a pullback after gaining $15,000 in days.
