#美联储降息 During yesterday afternoon's trading session, there was an interesting market event worth noting: BTC experienced a brief flash crash in the newly launched stablecoin trading pair. The price temporarily dropped to $24,111, then quickly rebounded above $87,000. This "ghostly" movement only occurred in this new stablecoin trading pair; other BTC pairs remained calm, and the overall market continued as usual.

Why did this happen? It’s mostly due to liquidity issues. Newly launched trading pairs typically have low trading volume and shallow order books. When a large order comes in, or automated trading bots manipulate the market, prices can be instantly driven away. Insufficient market depth means that the buffer capacity of buyers and sellers is weak, making strange price swings commonplace.

This serves as a reminder. Especially during the initial phase of new tokens or trading pairs, liquidity risk is no small matter. If you’re used to chasing new listings or prefer trading in markets with sparse volume, you need to be extra cautious. Check basic indicators like the depth of the order book and daily trading volume—don’t be startled by sudden price fluctuations. To some extent, the price differences across various trading pairs also reflect the liquidity ecosystem of each market.