alex_dubier
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BTC
THE LIE OF $200 MILLION: What really happened on November 21
Bitcoin did not crash because people were selling. Bitcoin crashed because the math failed.
On November 21, 2025, $200 million in real sales triggered $2 billion in forced liquidations. Read that again. For every real dollar that left, ten borrowed dollars evaporated instantly.
This is the relationship that Wall Street does not want you to see: 90% of the Bitcoin market is leverage built on 10% of real money. Your $1.6 trillion cryptocurrency operates with $160 billion of real capital. The rest is a mirage that disappears when prices move.
Bitcoin did not crash because people were selling. Bitcoin crashed because the math failed.
On November 21, 2025, $200 million in real sales triggered $2 billion in forced liquidations. Read that again. For every real dollar that left, ten borrowed dollars evaporated instantly.
This is the relationship that Wall Street does not want you to see: 90% of the Bitcoin market is leverage built on 10% of real money. Your $1.6 trillion cryptocurrency operates with $160 billion of real capital. The rest is a mirage that disappears when prices move.
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