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\n\t\t\t\t\t\t\t\t\tNearly $100 million in longs were wrecked in the past hour. \t\t\t\t\t\t\t\t<\/p>\n<\/p><\/div>\n
Bitcoin\u2019s 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 a lot better on Friday and Saturday.<\/p>\n
This volatility, untypical for the weekend, came amid reports that one of the most prominent market makers, Wintermute, had gone short on a few fronts.<\/p>\n
At first, Onchain Lens noted<\/a> 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.<\/p>\n Although current on-chain data shows that the company has a $13.85 million long position, the lion\u2019s share of this leveraged trade is shorting the market \u2013 $146.19 million.<\/p>\n WINTERMUTE IS HEAVILY SHORT \ud83d\udc3b<\/p>\n Wintermute currently holds $160.03M in open positions on Hyperliquid, with $146.19M short and just $13.85M long.<\/p>\n The positions are sitting at a combined unrealized loss of $3.66M, while earning $2.14M in funding.<\/p>\n Despite this, Wintermute remains\u2026 pic.twitter.com\/fOYjGCyEpz<\/a><\/p>\n \u2014 Onchain Lens (@OnchainLens) August 22, 2026<\/a><\/p>\n<\/blockquote>\n Bitcoin\u2019s price, which had one of its most impressive weeks in years, surging<\/a> 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 over a grand and a half to $75,500. It found some support there, and now sits above $76,000, but it\u2019s still 2% down on the day.<\/p>\n Many altcoins have posted more painful losses. ETH has dropped by 5% to well below $2,400, while XRP is down by 6.5%. Ripple\u2019s token was rejected<\/a> at $1.70 on Friday evening and Saturday morning, and is now back below $1.50.<\/p>\n CoinGlass data shows that almost $100 million in logs were wrecked in the past hour, with BTC and ETH holding the same share of around $41.5 million each. On a daily scale, the total liquidations top $350 million, with more than 90,000 traders getting wrecked, which is a lot for a weekend.<\/p>\n This Sunday correction came after a few signals suggested<\/a> that bitcoin is due for a pullback after gaining $15,000 in days.<\/p>\n\n
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