Aggregate $BTC derivative market open interest fell by approximately 16k BTC during that move.
TLDR: That candle was a $700 million short squeeze.
Free market price discovery at work.
🔥🔥🔥

A digital bearer asset with 24/7/365 price discovery and financing markets.
The forces of leverage and derivative claim $BTC over long run nets out to zero over long run. Every short must cover and every long must close, with bearer deliver occurring.
This is what Gold lacks.

Gold bugs completely miss this. Have fun with paper futures for your shiny rock.
Big players have been going paper short, with rehypothecation taking place multiple times over, for decades.
Various $BTC deriv systems settle on top of the Bitcoin UTXO set.
No trust needed.

And by trust I mean the ability to deposit/withdraw to adjust/collateralize your position (which is marked to market 24/7/365).
Obviously inherent trust is placed in the given exchange, but the transparency inherent to UTXO set & deriv market metrics incentivize honest actors.

Meanwhile @PeterSchiff is waiting another 40 minutes for the CME futures exchange to open.
Standard operation for the analog monetary bearer asset.