BTC Contract Experiences Sudden Price Drop on Perp DEX Lighter

On February 26, a sudden price drop occurred in the BTC contract on Perp DEX Lighter. According to BlockBeats, the incident was caused by a large-scale market sell order executed by a major seller, involving 1,000 BTC. Due to limited liquidity on Lighter, this action cleared all available buy orders, causing the price to briefly plummet to approximately $47,510 before recovering. Lighter's official representatives stated in their DC channel that this was not due to a platform vulnerability, hacking, or manipulation, but rather a result of the order book's functioning. Liquidations are based on the mark price rather than individual transaction candlesticks, meaning stop-loss orders near this level may or may not have been triggered.