Last night, Bitcoin experienced a candlestick that instantly sent blood pressure soaring.

Bitcoin held steady at $87,610, but the chart bizarrely showed a wick plunging down to $24,111. What the heck is this? System glitch? Liquidity exhaustion? Or did a trader at an institution slip and press the wrong decimal point?

This "Thanos-level" wick raises more than one question:

**First, is this real trading or a data illusion?** If there really was an order at $24,000 that absorbed this trade, then it's a myth of overnight gains of 300%+. But more likely, the exchange's liquidity pool was drained at a moment, causing severe market depth issues, and a large sell order directly pierced through all buy orders. Such extreme situations are common in crypto markets, especially during periods of relatively low trading volume.

**Second, what about high-leverage contract traders?** That’s the heartbreaking part. If the bulls opened 5x or 10x leverage around $85,000, then when this needle appeared, they would have been liquidated before even finishing reading the margin call email. Many had no reaction time at all; their accounts were wiped clean. That’s why many say the crypto market is a "24/7 place that eats people without leaving bones."

**Third, how serious is the liquidity risk?** This volatility reflects a real phenomenon: when market participation drops and order depth is insufficient, a medium-sized sell order can trigger a chain reaction. This isn’t a problem with Bitcoin itself, but a vulnerability in the market microstructure.

Anyone who has gone through several bull and bear markets knows that the crypto market is never short of shocks. Liquidity, position management, risk control—none of these fundamentals can be neglected. Especially during periods of increased volatility, full positions are a big taboo. Leave some room, control leverage ratios, set stop-losses—these may sound like clichés, but they are the secrets to surviving longer.

This needle also reminds us of a reality: when choosing between decentralized and centralized exchanges, factors like liquidity depth and system stability are worth careful consideration. Big platforms may cost more, but their safeguards in extreme conditions are indeed different.

Did you see this line last night? If you were on the scene, did your heartbeat skip a beat? Feel free to share your feelings in the comments, or tell us how you dodged this needle—such practical experience is valuable for everyone.