The action began at 3am UTC, with a sell order roughly 6 percent below the and hundreds of times larger than the norm on the at that time. As that order fulfilled available bids, the ask moved lower, dragging the price down until it reached $6,276, at which point the selling stopped. A chronological calculation shows the sellers sold about 2,90.7 units of , in aggregate at about $2.5 below what they would have realized at a price of $7,700. At the same time, over $0 million in long positions were being liquidated on BitMEX, according to If it was manipulation, it returned up to an 80X multiple over what the manipulators put at risk. The whole thing was over in about minutes.

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