Too exaggerated... currently, the Bitcoin funding rate has already dropped to a level beyond the 1011 big crash. Binance's fee has even dropped to an amazing -0.013%, the last time it was this low was in 1011. However, what's different this time is that everyone is trying to find the reason for the drop, yet no one can find it. Most of the explanations are just pieced together. The most common one I've seen is that it's "100% man-made." The drop might not need so many reasons. Everyone should know how poor the liquidity in the crypto market has been recently. Then, according to STH to Exchanges Sum, the amount of BTC transferred to exchanges in the past 24 hours has reached a historical high of 88,000. Short-term holders suddenly dumped nearly 6 billion USD worth of panic selling onto a market that already had poor liquidity. I think this might be the main reason for the crash. The limit orders between 59567~61097 have already executed more than half, the speed is really far beyond my expectations... I originally thought it would take a couple of weeks to execute.