In the early morning, the Crypto Assets market once again completed its periodic reshuffle. When LIGHT fell by 77.7% within five and a half hours, the logic behind the market data was clear: market rules never change, only the people entering a position and getting out of positions are rotating.

In the early morning of December 22, LIGHT demonstrated what is called a "big dump". It fell from $4.8 to $0.78 in less than two hours, with $7.64 million in long and short liquidations evaporating instantly, the worst in the entire network.

This is not an ordinary pullback. From the price trend, contract data, and on-chain signals, this is a typical "carpet-style" exit pattern - the project team or large holders clear the field with one click.

**Data speaks**

While most people were still in a daze, LIGHT initiated a free fall. At 4 AM, the price plummeted from above $4 to below $1, completing a total collapse of market sentiment with an 80% drop.

The 24-hour trading volume reached 2.13 billion USD—what does this number mean? In the futures rankings of a leading exchange, it ranks third, only behind BTC and ETH. The total amount of long and short liquidations is 4.84 million, and leveraged players paid the price that night.

More crucially, the abnormality of the position data: the open contracts plummeted from $53.32 million to $18.79 million, a drop of over 65%. In contrast, the contract positions valued in tokens increased from 11.97 million LIGHT to 18.79 million LIGHT. This abnormal configuration with a whale long-short ratio reaching as high as 1.63 is already a warning sign of risk.

**The lesson is simple**

Such events occur every year, with different forms but the same patterns. High-risk varieties, abnormal contract data, and large amounts of funds flowing in quickly—all of these should sound the alarm.