> What they missed was the decimal point was off by a few spaces. Rather than selling BTC at the current market price, they sold it for pennies on the dollar. The result was immediate. The price of BTC shot from a high of $65k to as low as $8k on some venues.
Wouldn't this sell just be gobbled up quickly by buyers? Why would it move the BTC price so dramatically to the downside? Surely this couldn't have been that much volume at near all-time highs of BTC in 2021?
Yes, it would, but at what price(s)? Think about what would happen if the size of the (very low priced) sell order was >= the size of all resting buy orders priced >= the price of the sell order.
Wouldn't this sell just be gobbled up quickly by buyers? Why would it move the BTC price so dramatically to the downside? Surely this couldn't have been that much volume at near all-time highs of BTC in 2021?