Bitcoin’s Dramatic Drop: A Forced Sell Triggered, Not Panic Selling

Recent dramatic drops in Bitcoin prices have sparked questions about market panic. However, analysis suggests the crash was driven by a specific event – a forced seller gradually draining liquidity from the market. This theory is supported by data suggesting that a relatively small $200 million sell order triggered nearly $2 billion worth of forced liquidations on November 21, 2025, and had an enormous impact on the market’s overall direction.