The crazy oscillations of Bitcoin with an amplitude of $3,000 have destroyed over 120,000 positions in the volatility flare.

Market Boom - Numbers That Speak for Themselves

In the past 24 hours, the cryptocurrency market experienced a true catastrophe for traders. Over 123,200 positions were forcibly closed, and the total destroyed deposits reached nearly $400 million. This market upheaval hit hardest in the last 4 hours — during which $310 million was drained from traders’ wallets, involving both bullish speculators and those betting on declines.

Dramatic Hour in EST — 9:00 to 11:00

December 17th became the day Bitcoin caused significant pain to holders of open positions. Between 9:00 and 11:00 EST, a spectacular pump and dump scenario unfolded — first, the value increased from $87,100 to $90,300, only to lose everything on the way back down to $87,200.

The first phase of this movement lasted just 30 minutes — nearly $3,300 increase in a relatively short period. This event had concrete consequences: short positions betting on declines were completely wiped out, totaling $106 million. The second part of the upheaval came just as quickly — over the next 45 minutes, Bitcoin lost about $3,400, destroying $52 million of long positions from those who believed in further growth.

What Are Market Analysts Seeing?

Several well-known market observers pointed out this phenomenon. Among them are those who perceive this type of movement as blatant manipulation — especially considering the regular occurrence of such scenarios around 10:00 EST during the opening of the Wall Street session. According to some sources, this is an algorithmic move with a five-figure amplitude, systematically returning to the analysts’ radar.

Meanwhile, Ethereum followed a similar path, experiencing comparable levels of destruction, though with a clear advantage on the long side for traders.

Large ETF Sell-Off — Signal from Wall Street

Alongside the turbulence in the spot market, Bitcoin spot ETFs reported a net outflow of $277 million on December 16. This suggests that institutional players are taking a defensive stance amid current volatility, which may indicate caution ahead of further shocks.

Currently, Bitcoin is trading at $91,640, representing a 0.95% increase from the previous day. However, the story of the last few hours shows that such stable indicators can change within minutes, as the market upheaval resumes its swings against the exchange participants.