Binance.US shows bitcoin ‘flash pump’ to $138K

Bitcoin is eyeing a return to $30,000 — but traders on Binance.US have been shown a very different price

article-image

salarko/Shutterstock, modified by Blockworks

share

The US arm of global crypto exchange Binance is under fire from markets watchdogs left and right. Now, it appears to be struggling with keeping some of its biggest bitcoin (BTC) order books running smooth.

Binance.US displayed the price of bitcoin at more than $138,000 for its tether (USDT) market late Tuesday evening — almost 400% higher than spot prices shown elsewhere.

The sudden surge was only reported to have lasted for a few seconds, according to TradingView data reviewed by Blockworks. 

Binance.US’s website shows 62.22 BTC changed hands during that time, equal to about $1.8 million at current prices. 

The dramatic upwards spike suggests someone market bought that amount in bitcoin with USDT. 

If that’s the case, poor liquidity meant all available sale orders were immediately filled at realistic prices. With only sky-high ‘joke bids’ waiting, the price of bitcoin shot to fresh all-time highs.

Blockworks has reached out to Binance.US for more information.

A rare ‘flash pump’ is shown on Binance.US

Situations like these are normally reflected in the opposite direction, with “flash crashes.” Such an event struck Binance.US in Oct. 2021, when the price of bitcoin collapsed 87% — from $65,000 to $8,200 — before quickly rebounding. 

Binance.US blamed that situation on a buggy trading algorithm.

And in Dec. 2018, the price of ether tumbled from $100 to $13 on Coinbase Pro, only to return within minutes.

In any case, Binance.US has been dealing with poor liquidity for some time, amid struggles with its banking partners in light of its regulatory rumbles. 

Last month, traders were paying premiums of more than 3% on bitcoin and similar amounts for ether (ETH) compared to rival platforms. 

Analysts similarly suggested that liquidity problems were to blame for the price discrepancies. Those premiums have since closed.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

recent research

Research Report Templates.png

Research

The convergence of DePIN and energy generation aims to address modern grid challenges by incentivizing distributed generation.

article-image

Apollo’s Christine Moy explained how the “velocity” of innovation in crypto has led to the evolution of RWAs

article-image

Warren Buffett attributes his astounding investment returns to only about a dozen “truly good decisions” he’s made

article-image

This report has been corrected.

article-image

Stablecoin revenue a bright spot for the crypto exchange in Q1, as trading revenue dropped 19% quarter over quarter

article-image

Creators are being told to “shill” their tokens and cash in on their “cults”

article-image

Risk appetite returns on merger, trade news — but can it last?