## What is Insano? When Bitcoin Liquidates 123,200 Traders in a Volatile Session of Rises and Falls

December 17th marked a day of extreme turbulence in the cryptocurrency markets, where Bitcoin experienced price movements that exposed highly questionable patterns. In just two hours, the leading cryptocurrency completed a full cycle of rally and retracement that triggered a cascade of liquidations, moving its price around $3,000 in both directions.

### Liquidation Dynamics: The Impact of Pump and Dump

During the opening of the U.S. market (10:00 a.m. EST), Bitcoin saw a sudden rise of $3,300 in just 30 minutes, an event that resulted in the liquidation of $106 millions in short positions. This movement was described by multiple analysts as a deliberate "short-squeeze." However, what happened next was equally brutal: over the following 45 minutes, BTC retraced $3,400, clearing $52 millions in long positions during what is known as a "long-squeeze."

What is insano is the speed and coordinated magnitude of these movements, generating what several commentators consider evidence of real-time market manipulation. Various independent analysts reported the same phenomenon from different angles, confirming the systematic nature of the event.

### Global Liquidation Figures

The full picture reveals the extent of the damage caused: more than 123,200 traders were liquidated within 24 hours for an amount close to $400 millions. Of this figure, $340 millions occurred concentrated in the last 12 hours, with $310 millions specifically in the 4 hours prior to the main event.

Bitcoin, in particular, recorded $108 millions in liquidations during that four-hour period, distributed between $75 millions of shorts liquidated and $32 millions of longs swept from the market. Ethereum followed a similar trajectory, though with greater pressure on leveraged buyers.

### Market Context and Institutional Pressures

While these volatile events were unfolding, Bitcoin spot exchange-traded funds (ETFs) experienced net outflows of $277 millions on December 16th. This institutional capital outflow, led by traditional investment products, sharply contrasts with the volatility unleashed during U.S. market hours, suggesting a decoupling between institutional flows and leveraged trading dynamics.

With Bitcoin currently trading at $92,090 USD (as of January 12, 2026), the December 17th session remains a textual example of how millions can be mobilized in liquidations through coordinated price movements within extremely compressed time windows.