◇ REPLAY · March 12–13, 2020
Black Thursday — March 2020
Black Thursday: BTC halves in a day, and the cascade only stops when the exchange goes down.
◆ ◇ BLACK THURSDAY — MARCH 2020 · REPLAYBinance BTCUSDT archived OHLC (1d + 1h) + USDT-M funding
◇ accent dots mark daily wick lows (e.g. May 19 ~$30k)
STEP 1/6
Risk-off everywhere
Equities hit circuit breakers; traditional markets had halts and Fed backstops. Crypto perps had none — 24/7 books, no trading pauses, and leverage stacked into a global risk-off move. If you were leveraged long BTC perps, there was no timeout when the world panicked — only your liquidation price. BitMEX coin-margined perps dominated flow; model gap risk through liquidation bands, not Gaussian vol.