On Mar 12, BTC was at $12M (sell order) to reach a value of 0$

[adaseb]

You need to realize that one reason why the crash was so dramatic was because in February people were calling for new 2019 highs and even new ATH due to the approaching halvening.

I remember so many people were loading up on Bitcoin when it hit $10K because it seemed like a great price to buy. Many did on leverage and they are the ones who caused this huge crash. Basically way too many over leveraged longs had to be liquidated and nobody on the other side of that trade. If you watch the Bitmex cold storage wallets you will see people sent many BTC into their accounts to prevent getting liquidated while everybody else did nothing, ran out of margin and were liquidated.