On March 12, 2020, one of the darkest nights in cryptocurrency history.

We later referred to it as the '312 Incident'.

That day:

Bitcoin plummeted over 50%;

BitMEX continuously liquidated positions, the market lost support;

Market makers collectively withdrew, on-chain funds fell into collapse;

The entire market underwent a system-level massacre in a very short time.

But strangely, no system malfunctioned, all operations were 'completed smoothly'. Everything was running too efficiently.