The BTC perpetual contract order book is extremely fragile right now. With just a few million dollars in leveraged positions, you can push BTC's price down by a few hundred bucks during the Asian session or low-liquidity windows. A market order in the tens of millions, combined with stop-losses and liquidation chain reactions, could easily drop BTC by several thousand dollars. Currently, on major platforms like Binance, sell orders within a $0.1 price spread often only accumulate to 3-4 BTC, around $250,000. Think about last July, when a single 80,000 BTC sell-off worth nearly $9 billion was absorbed by the market without much impact. Now, liquidity compared to last year is significantly worse— way too fragile.