... which as a reminder was the culprit behind the December 3 flash crash which took place literally at midnight ET on Friday heading into Saturday, just when liquidity is lowest - as shorting algos know all too well - we joked that we were patiently waiting for the latest overnight puke in cryptos to kick in (which offers delightful bargains for those not with cubic zirconium hands), adding to the pain of crypto longs who have seen their holdings lose more than 40% in just the past two months.Naturally, with everyone expecting a rerun of the Dec 3 fireworks overnight to cap off a miserable week for cryptos, the selling did not come during the Asian session.... instead it waited patiently until the US was covered in sunlight on an extremely illiquid Saturday, before emerging with a bang and hammering the two largest cryptocurrencies, sending bitcoin to just above the $40,000 level that Mike Novogratz said was a key support.