The crypto market was sent into shock by a sudden spike in Bitcoin long liquidations, with new data showing a jaw-dropping 23,575% imbalance in just one hour. According to CoinGlass, more than $26.6 million in long positions were wiped in just 60 minutes — compared to just $113,000 in shorts.

Right in the middle of the chaos, there has been a surprising reawakening: multiple ancient Bitcoin wallets holding a combined 80,000 BTC, worth over $8.6 billion, have moved after 14 years of total silence. These wallets, thought to be lost or dormant forever, suddenly came alive this week, scaring traders and causing the Bitcoin price to dip below $108,000.

Market participants are nervous about what this activity could mean. If any of this old Bitcoin supply ends up on exchanges, it could flood order books and send prices even lower. 

The result? Long traders are taking a beating. BTC liquidations alone topped $39.6 million over the last 24 hours, helping push total crypto liquidations above $190 million, with long positions accounting for over 80% of the damage.

The imbalance is also obvious on heatmaps and liquidation charts. ETH, SOL, DOGE and others followed BTC's lead, but not as dramatically. The aggressive sell-off of longs and thin short liquidations across major altcoins shows clear signs of fear.

The extreme spike could mean panic exits, forced liquidations due to overleveraged longs or just a ripple effect from whale wallets affecting the market. Since there is no clear sign yet that these coins are hitting exchanges, the market is understandably tense. It is likely that volatility will stay high until things become clearer.