Bitcoin Oct 11 Crash vs Luna Flash Crash: On-Chain Data Shows Whales Accumulated, No Binance Influx

On-chain data analyst Murphy contrasted the October 11th sell-off with the May 2022 Luna flash crash, underscoring differing liquidity profiles in the Bitcoin market. During May 10–11, 2022, Binance recorded explosive BTC inflows, peaking at a daily average of 48,595 BTC—a pattern indicative of panic-driven liquidation and deteriorating market confidence. By contrast, the October 11th episode showed no comparable exchange inflows; net daily outflows averaged 5,338 BTC. Large transfers also shifted: whales moved roughly $980 million into Binance in May 2022 versus about $380 million withdrawn during the October event. These on-chain flow differentials point to forced selling in 2022 versus continued accumulation by major holders in the later episode, informing assessments of systemic liquidity and investor behavior.

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