The 1011 Bitcoin flash crash—if this happened in traditional finance, there would definitely be a thorough investigation. Who was selling at any cost? BlackRock? MicroStrategy? Grayscale? Cathie Wood? … There weren’t even that many BTC available for sale on exchanges (no large BTC transfers into exchanges were seen beforehand). There’s only one possibility: data manipulation triggered a chain reaction, followed by bottom buying to recover. But which exchange jumped the gun?