Cryptocurrency markets endured a sharp bout of volatility between late 21 June and early 22 June, triggering forced liquidations valued at roughly $682 million to $702 million, including about $370 million that disappeared within a single hour. The largest individual wipe-out was a $9.15 million Ethereum trade on the HTX exchange, data from multiple derivatives-tracking sites show. Ethereum led the turbulence, falling to about $2,263. While some large holders capitulated—three addresses collectively unloaded 5,657 ETH worth $13.4 million at a loss—others used the drawdown to build positions. A newly created wallet removed 26,256 ETH (nearly $60 million) from Binance, and another whale borrowed 10 million USDC on Aave to purchase 4,170 ETH at $2,400. A swing-trading account that has spent $336 million since 11 June now holds 132,000 ETH at an average cost of $2,540, sitting on an unrealized loss of about $40 million. Separately, an ICO-era address deposited 7,500 ETH ($17 million) to Kraken, signaling possible near-term selling pressure. Tokens tied to former U.S. President Donald Trump also moved. Addresses identified as belonging to the TRUMP meme-coin team sent 3.527 million TRUMP tokens, valued at $32.8 million, to Binance on 21 June. That brings their cumulative exchange deposits since 28 April to 12.54 million tokens, or roughly $150.7 million. Large transfers in other assets underscored the defensive tone. Blockchain records show 100.7 million USDT returned from Aave to Tether’s treasury and another 350 million USDT shifted from Aave to HTX. In Bitcoin, a long-active whale unloaded an additional 400 BTC ($40.6 million) on Binance, extending total sales since April 2024 to 6,900 BTC, worth around $626 million. The flurry of repositioning indicates that major holders are actively bracing for, or betting on, further market swings.