Exceptionally low liquidity, macro factors, and a flurry of bad news were among the drivers of last week's flash crash, pushing BTC to its lowest level in months and spurring a wave of liquidations across derivative markets.
While BTC 2% market depth has stabilized over the past few months at around 5k BTC, it remains more than 50% below its pre-FTX highs.
As BTC prices began falling towards $25k around 8pm UTC on August 17, market depth dropped 50% to just 2k BTC.