Just When You Thought Bitcoin Was Safe: $351M Drama Unfolds on Binance!

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Key Highlights

  • Bitcoin decided to play hide and seek, dipping below $70K while the OGs decided to shift $351M to Binance. It’s like a surprise party, but nobody’s having fun.
  • In just 24 hours, crypto liquidations surged to a staggering $657M! Bitcoin led the charge with a sad little loss of $394M. Leverage, meet your worst enemy: reality.
  • Ethereum and DeFi are making all the right moves-like that friend who always remembers your birthday-while institutional selling pressures have BTC crying in a corner.

So, Bitcoin (BTC) has lost its cool, tumbling below $70,000 for the first time in ages. Currently, it’s trading at $67,959.21 with a wild 24-hour volume of $89.3 billion-because who doesn’t love chaos?

The drama kicked off when some long-term holders, affectionately known as “OGs,” started moving massive amounts of Bitcoin, sending shockwaves through the market. These investors, the dinosaurs of the crypto world, have been holding since 2010-probably still wondering what they did before TikTok.

According to our digital detectives at Onchain Lens, one such holder transferred 5,000 BTC-worth an eye-watering $351 million-to Binance. That wallet is now sitting pretty with a total of $3.53 billion, which is up by 4.23%. Talk about a glow-up!

The #Bitcoin OG just deposited 5,000 $BTC, worth $351.16M, into #Binance, in the past hour.

– Onchain Lens (@OnchainLens) February 7, 2026

This Bitcoin OG wasn’t messing around-multiple hefty transfers popped up in quick succession. The first was 3,401 BTC, valued at $238.7 million, followed by two smaller but significant transactions of 800 BTC and 799 BTC, totaling around $112 million. And let’s not forget the tiny test transfer of 0.001 BTC, perhaps a playful wink to the receiving wallet.

Meanwhile, Ethereum and DeFi are in on the action too! About 8.33 million USDC made its grand exit from Binance into Aave-presumably for some lending or liquidity shenanigans.

On top of that, 10,000 ETH (around $20.4 million) cycled through Aave’s wrapped token contracts like a kid on a merry-go-round. Smaller ETH transfers also suggest some strategic maneuvers rather than panic-induced dumping.

Heavy liquidations shake the market

The crypto market just got slapped by a wave of forced liquidations in the last 24 hours. CoinGlass reported a whopping $657 million vanished, leaving 143,684 traders wondering where it all went wrong. Bitcoin took the biggest hit with $394.6 million gone-like a magic trick gone terribly wrong.

Ethereum followed with a respectable $130.1 million in liquidations, while XRP and Solana had their own sad stories-losing $27.7 million and $26.1 million, respectively. Small fry altcoins collectively wiped out just over $20 million. Ouch!

Liquidations ramped up throughout the day. In just the last hour, another $7.6 million evaporated, mostly from long positions. Over four and twelve hours, we saw $120.39 million and $220.2 million vanish into thin air. Longs totaled $229.95 million, while shorts hit $427.06 million-like a game of musical chairs where everyone forgot to sit down.

The largest single liquidation order was on Hyperliquid – a BTC-USD value of $21.30M. It’s a real-life horror story for those involved.

Market perspective from experts

CryptoQuant CEO Ki Young Ju chimed in, cautioning: “Unless this is a forced sale, it’s hard to imagine institutions unloading this much supply all at once. The terrifying aspect of forced selling in Bitcoin is the cascading effect. As funds get liquidated and prices plummet, miners go bankrupt, and even retail investors start jumping ship.”

Unless this is forced selling, it is hard to see institutions unloading this much supply all at once.

The scary part of forced selling in Bitcoin is that it tends to cascade. As funds get liquidated and prices fall, miners go bankrupt, and even retail investors who held on until…

– Ki Young Ju (@ki_young_ju) February 6, 2026

Analyst Mr. Crypto Whale added a pinch of salt to the wound: “Binance, Coinbase, and Wintermute have started letting crypto go like it’s going out of style. They’re aggressively selling $BTC, forcing longs into liquidation. It feels less like market action and more like a strategic pressure cooker.”

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2026-02-07 17:19