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A massive sell order on decentralized exchange Lighter triggered a 30% flash crash, pushing Bitcoin below $48,000 temporarily despite broader crypto market gains. The event highlights volatility risks in emerging DeFi platforms, where large orders can disproportionately impact liquidity. While Bitcoin recovered elsewhere, the crash underscores challenges in decentralized market structures lacking robust risk controls. Investors are now monitoring whether this incident will spook retail traders or accelerate regulatory scrutiny of perp exchanges.
