Who Caused Bitcoin's Crash? Prominent Analyst Raises Suspicions Over $23 Million Sell-Off

$23 Million Bitcoin Sell-Off Executed in Just Two Seconds

Henrik Zeberg's analysis suggests that Bitcoin's sharp price movement began with a notable wave of selling between 9:51 p.m. and 9:54 p.m. European time on Saturday, November 14. According to the figures cited by the analyst, approximately $23 million worth of Bitcoin was sold on Binance within a period of just two seconds. Zeberg's main concern is why such a transaction was executed at a time when market liquidity was relatively low.

The analyst believes that an investor seeking to sell a large amount of Bitcoin would normally be expected to choose periods with higher trading volumes. This is because large sell orders placed in low-liquidity conditions can quickly exhaust available buy orders, causing prices to decline more sharply than anticipated. The chart shared by Zeberg indicates that average hourly trading volume on Binance was approximately $48 million on weekdays, compared with $24 million on weekends. Under such conditions, a $23 million sale executed in just two seconds could have a significantly greater market impact.

In his post, Zeberg emphasized that investors should ask themselves a simple question: Why would someone seeking the best possible price for their Bitcoin choose to sell on a Saturday night when trading volumes are low? The analyst suggested that the timing might not have been coincidental. However, the identity of the party responsible for the transaction and whether the sale was deliberately intended to drive prices lower have not been independently verified.

Liquidations Further Accelerated Bitcoin's Sharp Price Decline

According to the chart shared by Zeberg, leveraged trading positions began facing forced liquidations following the initial large sell orders. Transactions occurring between 9:54 p.m. and midnight European time intensified downward pressure on prices. Another wave of selling followed between 2:00 a.m. and 2:45 a.m. The chart, which the analyst based on Binance BTC/USDT trading data, indicates that Bitcoin fell as low as $62,006.

The liquidations during this period point to a broader market movement that cannot be explained solely by the size of the initial sell order. According to a November 15 Bloomberg report, total cryptocurrency liquidations across exchanges tracked by CoinGlass reached approximately $2 billion over 24 hours. Around $774 million involved Bitcoin positions, while $488 million came from Ethereum positions. Most of the liquidated trades were long positions opened by investors expecting prices to rise.

Large sell orders can trigger a chain reaction in leveraged markets. When prices fall below certain levels, positions with insufficient collateral are automatically closed. These liquidations generate additional selling pressure while putting other traders' positions at risk. Therefore, it would be inaccurate to attribute the entire decline following the initial sale to the same investor. Automatic liquidation mechanisms may also have contributed to the intensity of the market movement.

Does Bitcoin's Rapid Recovery Support the Manipulation Theory?

Another notable detail in Henrik Zeberg's analysis is Bitcoin's rapid recovery after reaching its lowest level. According to the shared chart, Bitcoin climbed approximately $2,300 between 2:45 a.m. and 3:20 a.m. European time. The analyst highlighted the emergence of buying orders after selling pressure appeared to have been exhausted. The chart also indicates that approximately 1,250 BTC, worth around $78 million, was sold on Binance over roughly 28 minutes without triggering a further decline in price.

This pattern suggests that strong buying demand may have emerged in the market. Indeed, after long positions are forcibly liquidated during a downturn, the closure of short positions can also accelerate a recovery. However, a rapid price rebound following a sharp decline does not, by itself, constitute evidence of market manipulation. Similar movements can occur during periods of low liquidity, heavy liquidations, and sudden changes in order flow.

Considering the broader cryptocurrency market environment, attributing the entire decline to a single $23 million transaction would be insufficient. Continued capital outflows from US spot Bitcoin ETFs, uncertainty surrounding the Federal Reserve's interest rate policy, and the breakdown of key technical support levels are among the other factors contributing to selling pressure. Nevertheless, the transaction timing highlighted by Zeberg raises an important question about how low weekend liquidity can amplify the influence of large investors on market prices.

Bitcoin's recovery from the $62,000 region suggests that short-term selling pressure may have eased, but it does not confirm the beginning of a new upward trend. To establish whether Zeberg's allegations are justified, a more detailed examination of the relevant order records, market depth, and potentially connected trading accounts would be required. In particular, the market impact of large sell orders and the intentions of the investor executing them must be evaluated separately.