The flash crash of Bitcoin on December 1st was, to put it simply, a collective massacre on the technical front.

First, let's look at the data: the Asian market directly plummeted by 4.3%, with $400 million in long leverage wiped out within two hours. As soon as the U.S. market opened on Monday, another $300 million in liquidation orders hit, and stop-loss hunting was ruthless.

Institutions and large holders haven't been idle either. The spot ETF has seen a net outflow of $180 million over five consecutive days, while whale addresses have dumped 10,000 Bitcoins. Those who need to run are already running, without any hesitation.

The more critical issue is liquidity. The market depth was already shallow over the weekend, and the tightening of global dollars combined with the liquidation of yen arbitrage positions has directly drained the liquidity from the market.

In summary: a pure leverage blow-up combined with institutional withdrawal, with no new fundamental news. The technical indicators are already oversold, with the RSI dropping below 30(, which can be seen as a washout action, but short-term volatility will definitely be significant. For those holding positions, be cautious and don't easily increase leverage.