2025-12-26 13:24:28

On Christmas Day, Bitcoin briefly dropped to $24,111 on a major exchange before rebounding. But what exactly happened behind the scenes? Most people are still staring at the candlestick charts in confusion, but what they should really focus on is the flow of funds.

A sharp sell-off in a short period is evidenced on-chain and in the order book. Don’t just look at the price—check out those hidden limit orders and the depth of transactions, and you'll understand.

Here's a key point: when funds transfer in a highly coordinated manner, especially when liquidity is already limited, the price doesn’t need to crash deeply to create chaos. Someone placed a very deep limit order, but the actual transaction price still fell below $25,000. This kind of operation always ends with one outcome—someone gets heavily liquidated, and the market simply can't withstand this shock.

Don’t misunderstand—this doesn’t mean spot trading only lasted a few minutes and then disappeared. It means someone was heavily hit during this volatility, and the market’s capacity to absorb this order was far from enough. Liquidity black holes can sometimes appear so suddenly.

If you don’t pay attention to these details, many people might still be confused to this day.

BTC-1.09%

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SillyWhale

· 5h ago

It's the same old story, when liquidity is insufficient, they start to harvest the retail investors... --- Deep orders get crushed with a single pull? This tactic is really everywhere. --- So on Christmas Day, a big player was playing with fire again, pity those who chased the high. --- Looking at the order book? I see a hammer, but anyway, the ones who end up losing are always us retail investors. --- That move at 24111 was incredible. I told you, avoid exchanges with poor liquidity. --- This black hole operation sounds nice, but in reality, it's just wealthy people colluding to cut others. --- No wonder it was so disastrous that day; it turns out it was premeditated. --- On-chain data is clear at a glance, but how many people actually know how to interpret it?

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ChainSauceMaster

· 5h ago

Damn, who’s that again? I saw through it long ago; as soon as the liquidity black hole appears, someone’s gotta get hurt. --- 24111, that drop was really fierce, clearly someone was liquidating. --- The stories in the order book are always more honest than the candlestick charts, but unfortunately most people can't understand them. --- This is what we call a game for capital players; retail investors can only be cut. --- Deep limit orders are just a facade; the real trading happens on the chain. --- The moment liquidity dries up, the entire market collapses—too terrifying. --- I just want to know which institution dumped that day; it was pretty aggressive. --- By the way, does this kind of operation involve manipulation? Feels not that simple. --- After looking at the order book, I realize retail investors have no idea who they’re actually trading against. --- It’s 2024, and some people still only look at candlestick charts—no wonder they get cut.

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AirdropHarvester

· 5h ago

It's the same old trick of big players dumping, while retail investors are still watching the candlestick charts.

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NotFinancialAdvice

· 5h ago

It's the same old story, the deep order book stuff has been played out long ago. This time, some people really got wrecked, but the real issue is that the liquidity pools are too shallow, and one big fish can stir up a storm. On-chain data never lies; it all depends on who is willing to spend time reading it. I'm a steadfast holder; by the time I realize it, the price has already dropped significantly. Christmas dump? Wait, is it whales doing a shakeout or are they genuinely panicking? Actually, there's nothing new under the sun; the tactics are always the same—deep orders + fake liquidity + psychological warfare.

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