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Bitcoin surged from approximately $91,000 to over $94,000 within just two hours in the US trading hours on Tuesday, a move that caught many traders off guard. While some celebrated the sudden rally, others are raising red flags—calling it a textbook case of market manipulation.

One of the most glaring concerns is the absence of any fundamental driver.

No Catalyst in Sight, Yet Millions Flowed in Within Minutes

Crypto trader Vivek Sen pointed out that there was no major news or announcements to justify the sudden price action. This lack of an identifiable catalyst has fueled speculation that the move was engineered rather than organic.

On-chain analysts quickly identified unusual trading patterns. According to DeFi researcher DeFiTracer, market maker Wintermute purchased $68 million in Bitcoin in a single hour during the spike. Another analyst, DefiWimar, claimed multiple major players, including Coinbase, BitMEX, and Binance, made substantial coordinated purchases, describing the activity as coordinated manipulation.

Veteran trader NoLimitGains offered a detailed breakdown of why the move appeared artificial. He noted several warning signs: thin order books that made it cheap to push prices higher, massive market buys clustered within minutes, and zero follow-through after the initial surge. He argued that real bull moves build structure while manipulated ones build traps.

Traders on Both Sides Liquidated—A Classic Sign of Liquidity Hunting

Perhaps the most compelling argument centers on what traders call “liquidity hunting.” It’s a strategy where large players deliberately push prices to trigger forced liquidations.

When traders open leveraged positions, they set liquidation prices where their positions automatically close if the market moves against them. These liquidation levels cluster at predictable price points, creating pools of “liquidity” that sophisticated players can target. By pushing Bitcoin’s price sharply upward, large players can trigger a cascade of short liquidations—forcing bearish traders to buy back their positions at unfavorable prices. This forced buying adds fuel to the rally, allowing the manipulators to sell into the artificially inflated demand.

Trader Orbion highlighted this dynamic, noting that the day saw $70 million in long liquidations followed by $61 million in short liquidations—with both sides getting wiped out within hours.

NoLimitGains warned that historically, such vertical spikes tend to retrace sharply. With funding rates spiking and open interest climbing rapidly, the warning signs were clear. He suggested the setup points to larger players positioning to sell into retail excitement.

Not Everyone Is Convinced It Was Manipulation

However, not all analysts share the manipulation thesis. On-chain analyst Darkfost pointed to US employment data released around the same time as a legitimate catalyst. JOLTS job openings for October came in at 7.67 million—well above the 7.0 million forecast—while ADP weekly employment figures flipped positive after weeks of decline.

He noted that Bitcoin gained roughly 4% immediately after the data dropped. With the FOMC meeting approaching and a rate cut widely expected, Darkfost argued the macro backdrop provided genuine tailwinds for risk assets, suggesting the rally may have been driven by fundamentals rather than foul play.

As of 11:30 UTC, Bitcoin had retreated from its highs and was trading around $92,500.