Every single order filled would force the price lower, meaning subsequent coins...

…k trading hours, the visible liquidity on Binance within 10 basis points of the mid price is roughly 3.86 million. Even if you expand that out to a full 1% of market depth, there was only about 400 million to 600 million in resting bids, a single $670 million market cell would literally consume the entire visible bidside liquidity of the exchange. Every single order filled would force the price lower, meaning subsequent coins would sell at progressively worse prices. This is textbook slippage and it would trigger a cascading liquidation event across the derivatives market that would crash the price of Bitcoin by double digits in minutes. But that is not what happened. Forensic onchain analysis reveals that these 9500 coins did not hit retail order books to be dumped on the open market. Instead, the transactions were structured, consolidated, and routed into institutional over-the-counter or OTC desks. Here's how it works. An OTC desk is a specialized financial service that facilit…