Market maker algorithm anomalously pushes up BTCDOM perpetual contract by 20%, possibly due to strategy mistakenly triggered by OM flash crash
An unidentified market maker experienced an algorithmic error after the flash crash of OM (Mantra), accidentally causing a 20% surge in the BTCDOM (Bitcoin Market Value Index) perpetual contract on the Binance platform. The BTCDOM index includes the top 20 cryptocurrencies by market value listed on Binance and Binance Futures, excluding BTC and stablecoins, with OM only accounting for about 1%. This abnormal fluctuation is suspected to be due to the market maker's erroneous judgment that the drastic price fluctuation of OM was a change in market structure, mistakenly triggering strategic buying operations.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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