Institutional Profits Trigger Liquidations as Bitcoin Surges Past $79K

Bitcoin's price surged past $79,000 as it extended its five-day rally to over 30%, but institutions are taking profits. Jump Crypto sold 1,140 BTC worth $89 million on Binance, triggering massive liquidations.

The sale was completed in two transactions, and another mysterious whale has been selling Bitcoin since July 19, bringing the total selling pressure to over $300 million.

This selling activity caused long liquidations to surpass $647 million, with Bitcoin accounting for most of it. The crypto market remains relatively strong, but this dip could be a short correction.

The rally past $79,500 pushed Bitcoin to its most overbought level since November 2024, and traders have stacked massive sell orders at between $79K and $80K worth more than $92 million on Binance.