Bitcoin crashed below $78,000 today, plunging from an intraday high of $79,500 in minutes after reports of a security incident at Binance. The move triggered immediate selling pressure across derivatives markets and prompted large-scale withdrawals from the exchange.
shows 12,000 BTC—worth $936 million at current prices—moved off Binance wallets in the past hour. The rapid exodus signals users are moving to self-custody, a clear vote of no confidence in exchange security during market stress.
The liquidation cascade accelerated the decline. Coinglass recorded $350 million in long positions liquidated across platforms within four hours, with forced selling pushing Bitcoin toward $75,000—the next major technical support zone. The Crypto Fear & Greed Index hit 30, firmly in fear territory.
Ethereum and major altcoins followed Bitcoin lower, reflecting contagion across the market. Ethereum posted notable losses alongside smaller-cap assets.
Not all activity is panic selling. Whale wallets began accumulating around $76,500, a signal that institutional players view these prices as a strategic entry point. Their sustained buying in this range could establish support and determine the bounce's strength.
