Bitcoin experienced a sudden flash crash followed by a gradual decline, dipping below $111,000 after a multi-thousand-dollar plunge within minutes. The immediate drop likely stemmed from large sell orders or mass liquidations that swept through thin order books. The market's low liquidity allows individual actors or whales to move prices dramatically. The overnight diagonal downtrend is more concerning than an isolated whale trade, since macro indicators appear favorable while price weakens. The price movement shows evidence of fragility in market microstructure and susceptibility to concentrated selling and cascading liquidations.
It's hard to say "nobody knows" when a chart looks like that; somebody knows what happened to plunge the bitcoin price some 3,000 in a matter of minutes. If it's not a specific macro event, like last week, the only thing eating through order books like this are a) massive orders, and - what amounts to the same thing - b) mass liquidations.
The 2.5% instant drop in bitcoin price last night might be a one-off due to a whale selling or some liquidations, but the gradual, diagonally down movement during the night and Monday morning (bitcoin price crashing below $111,000) is much more worrying. Ignore the big, noisy whale... wth is happening? Why are we slowly dying when we should be winning, son!
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