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🚨🚨🚨 MASSIVE CRYPTO FLASH CRASH

So massive that many of the perp exchanges couldn’t even liquidate positions went way below liquidation price…

Very strange. Investigating.

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2.18K views21:09

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Yes, confirmations of that observation coming in

Those who had stop-losses seem to have all gotten automatically wiped out during this flash crash

While those WITHOUT stop losses — were NOT wiped out, despite price going WAY below their liquidation prices

— Because the perp exchanges just couldn’t dump fast enough during that flash crash to even liquidate those positions

Bizarre.

Saved by failed order executions.

Always wondered about this scenario — Behavior of these exchanges is extremely poorly documented.

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2.2K views21:14

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Markets in sharp disagreement over whether that ~$221 was the local bottom Markets trying to make up their mind Who knows, we’ll see 🄳🄾🄾🄼🄿🄾🅂🅃🄸🄽🄶

Markets in sharp disagreement about which way to go indeed

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2.15K views21:17

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What a flash-crash that was

$SOL hit $203

$ETH hit $3.5k

$BTC hit $94k

Yeah the perp exchange’s behavior makes sense

In a small flash crash — liquidations are the traders’ problem

But, in a sufficiently deep flash crash, which immediately bounces back, with some traders buying at the rock bottom — liquidations suddenly become the platforms problem

Sufficiently big flash crashes could bankrupt the whole platform, if handled wrong

— at best forcing the the platforms to take huge haircuts even from winning traders,

— and at worst, making the entire platforms insolvent and bankrupting the platforms themselves

Happened e.g. in ~2012 Bitcoin flash-crashes IIRC

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2.31K views21:25

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Traders may call this a bull flag but man do those dips look scary

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2.4K views21:30

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From recent highs, that was a:

-10% drop for $BTC
-14% drop for $ETH
-23% drop for $SOL

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2.45K views21:39

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