The conspiracy of the "dog manipulator" ($BTC ): Last weekend, when liquidity was very low, they dumped Bitcoin, causing a drop of $9,000, a nearly 10% decline. This was actually a carefully orchestrated massacre of retail investors by the exchange!

Two charts: one shows $2.544 billion in liquidations across the network in the past 24 hours. The other shows someone selling $1 billion worth of Bitcoin on an exchange on a Saturday with low trading volume and almost no buyers. Is this reasonable?

Normal whales usually choose ETFs or over-the-counter trading to obtain the best price; this behavior of only seeking to sell $1 billion worth of Bitcoin at a lower price is clearly contrary to common sense. Therefore, the answer is definitely that this was a deliberate market manipulation to massacre retail investors.

Why choose Saturday? Because market liquidity is lowest on weekends. On weekends, many professional market makers reduce trading activity, and banks are closed, making it more difficult for fiat currency to flow into exchanges. ETFs with huge purchasing power for Bitcoin (such as BlackRock's IBIT) mainly operate during traditional stock market trading hours (Monday to Friday).

The logic behind this operation is very clear: on a Saturday when liquidity is scarce, a $1 billion spot sell-off can typically trigger three to five times that amount in margin calls.

Profit Method: Short Selling Arbitrage: A whale might hold a huge short position in the derivatives market. It might lose $50 million in slippage in the spot market, but earn $500 million in the futures market due to a 10% price drop. This "spot sell-off, futures profit-taking" is a classic example of exploiting retail investors.

Only by dumping shares on a major exchange's publicly available order book can the entire market price be driven down. Hopefully, this major exchange will refrain from such market manipulation, otherwise it will inevitably lose public support sooner or later.