"Recent crypto ""flash crashes"" stem from **high leverage, illiquid order books, and algorithmic trading cascades**. Thin liquidity in altcoins magnifies sell-offs when whales or institutions dump holdings. Derivatives markets exacerbate volatility—BTC liquidations often exceed $100M during sharp moves.  

Some crashes hint at **market manipulation** (e.g., spoofing, stop-loss hunting), but most reflect structural fragility. Regulatory scrutiny is rising, yet decentralized markets remain prone to volatility spikes.  

Investors should brace for turbulence—**risk management** (low leverage, diversified custody) is key. Long-term, improved liquidity and institutional-grade infrastructure may stabilize markets. (Word count: 98)"