Anyone argues with this chart is probably in denial.
The Teal line is the 50% market maker moving average. (LQL MMMA) and clears the last blue 25x leveraged traders.
The assets were sent to market makers at 1pm yesterday and the flush executed at 00:00 UTC. This affects not only leveraged traders, but Microstrategy, and all of crypto. This is called wash trading and will be illegal once Market Structure laws are passed.
Note: With panic selling that this type of move induces the price drops further but will recover to these levels. But these were the targetted levels by the exchange and together they profited another $1b in liquidations and spawned another 1000 narratives as to "why" this happened.
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