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

Odaily News An unidentified market maker made an algorithmic error after the flash crash of OM (Mantra), accidentally raising the BTCDOM (Bitcoin Market Capitalization Index) perpetual contract on the Binance platform by 20%. The BTCDOM index includes the top 20 cryptocurrencies by market capitalization on Binance and Binance Futures. Excluding BTC and stablecoins, the weight of OM is only about 1%. This abnormal fluctuation is suspected to be caused by the market makers mistaken judgment that the sharp fluctuation of OM price is a change in market structure, and mistakenly triggered a strategic buy operation.