Today's market performance has demonstrated a classic textbook case. The rapid decline of DN was triggered by a chain reaction caused by market maker liquidity exhaustion. What appears to be a simple price fluctuation actually exposes the fragility of trading depth. The market wiped out more than 6 times the stop-loss orders in one go. Although such extreme situations are rare, they are crucial for understanding liquidity traps. Similar risk scenarios are not uncommon in bear markets—when counterparties are insufficient and slippage is too large, even seemingly stable positions can be liquidated instantly. This is why in-depth observation of market structure and early warning systems can help traders avoid sudden "black swan" events.