Checked the mainstream coins, didn’t drop too much. Around 5 AM when most people were still asleep, altcoins probably faced short-term liquidity exhaustion, triggering a chain reaction of liquidations. Algorithmic trading likely took a huge hit this time, while those who placed low-price orders in advance are probably celebrating. The reason is simple: during times like this, bn inevitably crashes. With no buy orders, it naturally leads to a chain of sell-offs and price drops. This time, the U.S. stock market dropped 2-3%, A50 fell 4%. Based on historical patterns, it’s reasonable for Bitcoin to drop 10% and altcoins to drop 20-30%. If it exceeds these levels, the massive wicks are most likely caused by network issues combined with a lack of buy orders. From a conspiracy theory perspective, if someone wanted to create this kind of effect intentionally, they’d probably attack exchanges to cause network congestion.