This crash was not caused solely by macro events, it started from within the exchanges.
Here’s how it looked for me:
A major market maker moved $700M (including ~$200M in BTC), and then removed liquidity.
The order books emptied. $BTC plunged to ~$108,000. Liquidations exploded.
Many traders could not exit, the stops froze. The only thing that worked was liquidations.
Altcoins suffered the most, with some dropping by over 80% while capital quietly evaporated.
On that day, the market revealed its true nature: ruthless, tactical, controlled.
If you are still here, you have survived what many did not.
Context & Reality Check
It is reported that this was the largest liquidation event ever recorded in crypto.
More than $16–19 billion in borrowed positions were wiped out, primarily from long bets.
Some altcoins on certain exchanges briefly fell nearly to zero on the exchange order books, while still trading at value elsewhere — a sign of stress in the exchange-based architecture.
