@ognft
No, BTC didn’t “crash” to 24k on Binance. This was a liquidity event.
Binance and USD1 launched a 20% fixed APY deposit promo yesterday.
1️⃣ Many users swapped USDT → USD1, pushing USD1 to a 0.39% premium: huge for a stablecoin.
2️⃣ Smart money borrowed USD1 on @lista_dao against SolvBTC or SolvBTC-BTCB smart lending markets (~0.5% APY). They either deposited USD1 directly or sold it slowly on spot to meet demand.
3️⃣ Then someone thought: “Why not just sell via BTC/USD1?” They used a market order.
Problem: BTC/USD1 has very thin liquidity.
That market order wiped out most buy orders, briefly causing a very low price.
Arbitrage bots instantly bought it back.
No fundamentals changed.
No mass liquidations.
Whoever bought BTC at ~$24k — merry Christmas.
P.S. This is just a small episode during bear market. We’ll for sure see many more of these.
Bookmark this — it’ll be useful when the next “crash” happens.
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