Picking up some Leo
I've been picking up some Leo over the last couple of weeks. 100 last week and another 100 this week. Some small chunks to try and build up my stack.
I was a little surprised to see that my second 100 Leo purchase had gone through yesterday. I'd put them on at a price of 0.20 Hive after intially fighting for the top spot in the buyers' order book. I resigned myself to waiting for a better price.
Looking at the chart I should have been a little more ambitious. Or a whole lot more!
Analysis of the crash
So what happened? Time to follow the money.
The hive-engine explorer shows my purchase was an exchange with 
Following that account through the explorer shows a whole stack of trades made in the same block. This suggests a single large sale of Leo carving down through all the available liquidity.
And finally here's some excerpts from the block itself...
https://he.dtools.dev/tx/de58172e9686cd2ad513aeb0e484bc3a50e7cd4e
A 21k sale of Leo:
And my purchase of 100 Leo for 20.01 Hive. Not bad at all!
How low did the price go?
The block seems to be in chronological order, with the lowest price purchases at the bottom. So the best prices were, drum roll ...
In 3rd place: 
In 2rd place: 
And in 1st place: 
Thin liquidity and patience
I never put in really low bids on order books. I've tried it in the past but never have the patience to hold the liquidity there on the chance of a rare event. Particularly given that the Hive on sale will not be earning any yield.
Still, it can be worth a punt on books with low liquidity as yesterday's events showed.
Based on the depth chart there's now around 37,000 Leo on sale above a price of 100 Leo per Hive. It's not an impossible amount but I'll probably give it a miss. Lightning almost never strikes twice.
Not financial advice. Please do your own research.