Between 09:15 and 09:30 (UTC) on March 3, 2026, BTC recorded a -0.68% return within 15 minutes, with a price range of 66,595.0 to 67,141.1 USDT and an amplitude of 0.81%. Market attention increased during this period, short-term volatility intensified, and investors remained highly sensitive to capital flows and risk asset sentiment.
The main driver of this movement was a large whale rapidly transferring BTC to a major exchange and selling. On-chain data shows that since early 2026, the influx rate of large whales (addresses holding ≥1,000 BTC) reached a recent high. Selling pressure was concentrated during the less liquid Asian morning session, directly causing the spot price to drop sharply. Overall trading volume in spot and derivatives markets declined, market depth was insufficient, and large fund transactions had a clear impact.
Additionally, rising macro risk aversion sentiment served as a secondary resonance factor amplifying the price movement. U.S. PPI data exceeded expectations, the dollar strengthened, and market expectations for rate cuts were delayed, putting pressure on risk assets. Geopolitical risks and rising gold prices further drove funds toward safe-haven assets. Meanwhile, forced liquidations of leveraged long positions in BTC futures triggered chain reactions, expanding the price decline; the fear and greed index was in a neutral-to-fear zone, technical tests of key support levels repeatedly failed, and market confidence was shaken.
Short-term risks remain prominent. Future focus should be on large on-chain capital flows, key support levels (such as 66,000 USDT), forced liquidation structures in derivatives, and macro global news. Under fragile market liquidity, whale behavior may continue to amplify price volatility. Investors should remain alert to sudden selling pressure, technical breakdowns, and monitor market dynamics and on-chain fund movements in real time.
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