A dramatic event has unfolded in the crypto world: BTC suddenly plummeted from $87,000 to $24,000, then rebounded in the next second. The entire process was so fast that it was hard to react.

It sounds like a true flash crash, but the actual situation is much more interesting.

What is the truth? This fluctuation did not come from a real market crash. The issue stemmed from a less common BTC trading pair with a stablecoin—due to liquidity exhaustion, a large sell order directly "broke through" the order book, creating this absurd price. Meanwhile, on mainstream trading pairs like USDT and USDC, Bitcoin's price remained steadily around $87,000.

But for high-leverage contract traders, this is not good news. In just 24 hours, over $130 million was liquidated across the entire network. Those who bet with leverage had no choice—being liquidated indiscriminately is a feeling many have already experienced.

This incident provides a straightforward warning: always choose mainstream trading pairs like BTC/USDT when trading, and be cautious even if the leverage seems tempting. Otherwise, you might become a "sacrifice" in a microstructure fluctuation. Market volatility always exists, but most of the damage can actually be avoided.