#The_best $200 MILLION LIE: What Really Happened on November 21st
Bitcoin didn’t crash because investors sold.
Bitcoin crashed because the math finally snapped.
On November 21, 2025, just $200 million of real selling triggered $2 billion in forced liquidations.
Read that again: for every dollar that actually left the market, ten dollars of borrowed liquidity vanished instantly.
This is the ratio no one on Wall Street wants you to see:
Only 10% of Bitcoin’s market is real capital.
The other 90% is leverage stacked on top of thin air.
Your $1.6 trillion asset is running on barely $160 billion of actual money.
The rest is a mirage that disappears the moment prices move.
And then came the catalyst.
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