Recently, the topic of USD1 has indeed become somewhat absurd. A large number of traditional media accounts are reporting news like "Bitcoin crashes to $24,100," which looks quite alarming. But honestly, as long as you have a slight understanding of trading structures, you can see that—this is simply a misreading of the trading pair.

What is the truth? The so-called "flash crash" actually came from a sudden spike in the BTC/USD1 trading pair a couple of days ago. This does not represent the mainstream price, nor is it the consensus of the entire market, and it definitely does not mean Bitcoin is really having problems.

The key detail is this: the trading volume for this pair in one day was only $67 million, with liquidity even less than 1/15 of BTC/USDT. Under such depth, forget about spikes—being slightly hit by someone’s order book is commonplace.

But exchanges didn’t hide the candlestick charts, and the media are too lazy to look at trading volume, market depth, or order book thickness. They just quickly throw out "Bitcoin flash crash." So, the technical volatility in low liquidity turns into a news story that triggers emotional panic. This classic distortion of information is how it’s done.

This incident once again illustrates a common but often misunderstood point—the risks in the crypto space are often not in the price itself, but in ignorance of market structure.