Bitcoin Sees $200M Liquidations – What Does It Mean for Ethereum and Institutional Demand?

[Ben Graham]

Bitcoin fell below the $87,000 level shortly after Wall Street opened on Monday, as fresh selling pressure set off a wave of liquidations across bullish positions.

The move picked up speed around the opening bell. 

Several traders pointed to activity on Binance and the trading firm Wintermute as key sources of new supply entering the market simultaneously.

Liquidations of long positions built quickly. One of the crypto trackers reported 100 million liquidations of long positions in five minutes.

In just over an hour, losses had already surpassed $200 million, based on data from CoinGlass. 

(Source: Coinglass)

The sharp unwind highlighted how sensitive market positioning had become after Bitcoin’s recent effort to hold above nearby support levels.

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Why Are Bearish Bitcoin Traders Not Expecting a Reversal Yet?

Among traders who were already leaning bearish, the reaction was muted rather than surprised.

Many said the selling did not yet show signs of exhaustion and saw little reason to expect a clear trend reversal or even a strong relief bounce in the near term.

“My only issue right now is that selling volume isn’t very high, so we may see another bounce around $84,000,” trader Roman wrote in a post on X. 

$BTC 1D

Still moving perfectly according to plan. Our bear divs + price action taking us lower.

My only issue now is selling volume isn’t very high so we will likely catch another bounce around 84k.

Even if we bounce, I still believe we get to 76k in due time. https://t.co/RGXSdguTo6 pic.twitter.com/T1E1h8VDcF

— Roman (@Roman_Trading) December 15, 2025

He said the slowdown in selling pressure could lead to a short pause on the downside before the market makes its next move.

Looking at exchange order-book data, analyst Daan Crypto Trades described the current setup as a “massive liquidity hunt.” 

$BTC Took out that liquidity below, partially just 30 minutes after the initial tweet.

All in all this current price range is just a massive liquidity hunt towards both sides.

I did mean it when I said you probably won't miss a lot if you log off and come back after the first… https://t.co/IeAlyxJ3UA pic.twitter.com/gnfKJ0kM4a

— Daan Crypto Trades (@DaanCrypto) December 15, 2025

He said price action could stay uneven into the new year, with “more bart moves all over,” referring to sharp drops or spikes that quickly snap back to earlier levels.

Others sounded more measured, even as Bitcoin trades near fresh month-to-date lows. 

AlejandroBTC said the broader structure still looks controlled and remains inside a wider trading range.

“We finally broke the range that’s been forming since early December,” he told followers on X. “That tells me we’re likely to sweep the next set of lows, but still operate inside a larger range.”

$BTC – quick update

We finally broke the range that’s been forming since early December.

This tells me we’re going to sweep the next set of lows still operating inside a larger range.

Nothing has changed.

Direction is unclear short-term, but I still expect a test of… pic.twitter.com/UsOFBAqLmg

— Alejandro₿TC (@Alejandro_XBT) December 15, 2025

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How Much Ethereum Does BitMine Immersion Now Hold on Its Balance Sheet?

Ethereum (ETH) treasury firm BitMine Immersion increased its digital asset holdings over the past week, continuing its push to build a large ETH position.

In its latest disclosure, the company stated that it had purchased 102,259 ETH since its previous update. 

That purchase increased its total holdings to approximately 3.96 million ETH, valued at $ 11.82 billion at the time of publication. 

The Nevada-based firm has stated previously that it aims to eventually control approximately 5% of Ethereum’s circulating supply.

The update shows that ETH remains the core of BitMine’s balance sheet. But it also holds other crypto assets. 

The firm reported owning 193 units of Bitcoin, along with a $38M treasury position in Worldcoin.

Beyond digital assets, BitMine disclosed additional holdings that include a stake in Eightco Holdings. It also reported cash reserves of around $1Bn, giving it a sizable liquidity buffer as it continues its accumulation strategy.

With its latest accumulation, BitMine has strengthened its position as the second-largest cryptocurrency treasury company, trailing only Strategy. 

At the same time, it remains the largest publicly known Ethereum treasury, ahead of SharpLink Gaming.

That strain has shown up in the stock. BitMine Immersion shares were down about 9% at the time of publication on Monday, reflecting investor concern around balance-sheet exposure.

Market commentary has also highlighted broader challenges for ETH this cycle. 

Crypto analyst Daan Crypto stated that the cycle has not met expectations for ETH, despite the market and the wider Ethereum ecosystem maturing over time.

This cycle might not have been what people anticipated for $ETH, but no doubt the market and the Ethereum ecosystem has matured during this time.

There's more and more large institutions looking to tokenize the world and Ethereum is still the main chain this happens on.

I can't… https://t.co/XTCMTEpcYo pic.twitter.com/Sc2nLRbM0g

— Daan Crypto Trades (@DaanCrypto) December 15, 2025

He noted that more large institutions are now moving toward tokenization, with Ethereum still the main chain for that activity. Price performance, however, has lagged Bitcoin and several other assets.

Longer term, analysts continue to see Ethereum as durable, with this cycle increasingly viewed as a transition phase rather than a final high.

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