I just saw it earlier, but it seems that on a new decentralized exchange called Lighter, Bitcoin dropped by as much as 30% in an instant. It apparently fell to $48,000, but since it recovered within seconds, I thought it wasn't a big deal, but it was actually caused by a fairly large sell order. About 1,000 BTC, or $67 million worth of sales, were suddenly executed, absorbing all the buy orders. It really made me realize again the dangers of trading on exchanges with low liquidity.

But what's interesting is that on other major platforms, Bitcoin was rising from the $64,000 range to over $69,000, with a big rally happening during the day. In other words, the problem was only with Lighter, and the overall market was doing well. This is also important for understanding what airdrops are, because after the token distribution, traders started to withdraw, causing activity levels to drop significantly. Monthly trading volume has also decreased sharply from its peak in November. Emerging DEXs carry such liquidity risks, so investors need to be cautious. In cryptocurrency trading, I’ve come to realize again that an airdrop is not just about token distribution but also a factor that greatly influences subsequent market activity.