The market maker algorithm abnormally pushed up the BTCDOM perpetual contract by 20%, possibly due to the OM flash crash and the strategy was triggered by mistake
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Planet Daily News: An unidentified market maker experienced an algorithmic error after the OM (Mantra) flash crash, accidentally causing a 20% surge in the BTCDOM (Bitcoin Dominance Index) perpetual contract on the Binance platform. The BTCDOM index components include the top 20 cryptocurrencies by market capitalization on Binance and Binance Futures, excluding BTC and stablecoins, with OM accounting for only about 1% of the weight. This abnormal fluctuation is suspected to be due to the market maker's mistaken judgment of OM's price volatility as a market structural change, triggering an unintended strategic buy operation.
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