The OM flash crash may have triggered the strategy by mistake, and the market maker algorithm abnormally pushed up the BTCDOM perpetual contract by 20%.

PANews reported on April 14 that according to Equation News, an unidentified market maker made an algorithmic error after the OM (Mantra) flash crash, accidentally raising the BTCDOM (Bitcoin market capitalization share index) perpetual contract on the Binance platform by 20%.

The BTCDOM index includes the top 20 cryptocurrencies by market value on Binance and Binance Futures. Excluding BTC and stablecoins, the weight of OM is only about 5%. This abnormal fluctuation is suspected to be caused by the market maker misjudging the sharp fluctuation of OM prices as a change in market structure and mistakenly triggering a strategic buy operation.