Perhaps due to OM flash crash, market maker algorithm abnormally pushes up BTCDOM perpetual contract by 20%
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2025-04-14 08:01 3,303
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On April 14, an unknown market maker experienced an algorithm error after the OM (Mantra) flash crash, accidentally boosting the BTCDOM (Bitcoin Market Value Index) perpetual contract on the Binance platform by 20%.
The BTCDOM index components include Binance and Binance Futures’ top 20 cryptocurrencies in market value. Excluding BTC and stablecoins, the OM weight is only about 5%. This abnormal fluctuation is suspected to be caused by market makers who mistakenly judged that the sharp fluctuation of OM prices was a change in the market structure, and they accidentally touched strategic buying operations.