In 17 minutes, someone used real money to send out this "100 million U Red Envelope" to the entire market and made a killing. Hurry up and share some with me, or be careful of "unjust enrichment" being rolled back🤣 [Highly suspected third-party market-making system / abnormal risk control + unilateral position overload, causing liquidity to vanish instantly] 1️⃣ During the thinnest liquidity hours: certain $ETH (or several) core third-party market makers, algorithm programs, or risk control modules may experience serious anomalies, including: parameter misconfiguration hedge leg failure risk control threshold errors system switch/upgrade accidents instant loss of bilateral quoting ability 2️⃣ The death spiral begins: when the market-making system loses control: passive market orders start to take over the order book prices are quickly broken through key levels forced liquidation / ADL / risk control closing triggers forming a classic cycle: trade → price deviation → risk control trigger → larger trades → deeper deviation This is also why trading volume is repeatedly turned over and amplified to hundreds of millions 3️⃣ Market reaction: this malfunctioning program continues to run at low prices, which is equivalent to "sending money" in the market. All arbitrage bots, high-frequency traders, and sharp big players are frantically buying the dip. They catch these "bloodied chips," the "100 million U Red Envelope," and are thus devoured by the market's vultures.