$68M Bought, $130M Liquidated: Was Bitcoin’s $94K Spike a Manipulation?

Bitcoin surged from approximately $91,000 to over $94,000 within just two hours in the US trading hours on Tuesday, a move that caught many traders off guard. While some celebrated the sudden rally, others are raising red flags—calling it a textbook case of market manipulation.

One of the most glaring concerns is the absence of any fundamental driver.

Crypto trader Vivek Sen pointed out that there was no major news or announcements to justify the sudden price action. This lack of an identifiable catalyst has fueled speculation that the move was engineered rather than organic.

On-chain analysts quickly identified unusual trading patterns. According to DeFi researcher DeFiTracer, market maker Wintermute purchased $68 million in Bitcoin in a single hour during the spike. Another analyst, DefiWimar, claimed multiple major players, including Coinbase, BitMEX, and Binance, made substantial coordinated purchases, describing the activity as coordinated manipulation.