What is causing the massive crash in cryptos today, December 4, 2021?

The total crypto market capitalization defined as - coin amount multiplied by spot price is about 2+ trillion in stable coin dollars.

The total fiat/paper amount collected is less than $100 billion dollars.

The flow of value is predominantly inflow - from fiat to crypto.

Even a small outflow - from crypto to fiat is going to crash the crypto price and/or break the promised (not guaranteed) 1:1 stable coin peg fiat<->crypto.

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