There are always people cashing out at high positions, right? If there is no cash out, where does the money come from to drive the market?

This big player actually transferred 24,000 BTC to Binance in one go, worth a staggering 4 billion dollars at current market prices! What’s even more chilling is that he didn’t choose a limit sell order, which at least could provide some buffer to the market and create price resistance. Instead, he directly pressed the market sell button — this means dumping without regard to cost, all at once!
This seemingly simple action, however, was like dropping a heavy bomb into the market. The BTC price plummeted in response, dropping 5,000 points in a very short time, catching countless investors off guard. The chain reaction in the market was even more brutal: in just 10 minutes, positions worth 300 million dollars were forcibly liquidated; and in the following 4 hours, the total liquidation amount approached 400 million dollars, with many people's funds turning to ashes in this sudden storm.