YQ
@yq_acc
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Return to fundamentals. Hardcore infra. https://t.co/d8fCmiYo4N. Reading Club: https://t.co/BUgJWB3DFB Blog: https://t.co/C02qAoYTu9
Mars
Joined March 2011
What's happening in crypto everyday? Let's dig together at my TG channel https://t.co/28VXhhoaR7. Not Financial Advice: Any information shared is purely informational and not intended as investment guidance. Please do your own research.
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Data don't lie. After Friday's market crash, ADL is forcibly pushed to millions of traders' plates. @notnotstorm wrote another good analysis post and glad to provide some feedback. @tarunchitra wdyt?
major narrative violation: hyperliquid ADL actually INCREASED PnL for the vast majority of shorts last week many ppl are sour that ADL closed shorts right before prices nuked. but the data reveals that most ADL hit near the price bottom, locking in near-optimal profits
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Charlie Kirk carried his cross all the way to the end. Now others are taking up the mantle. Watch ElijahStreams onsite coverage.
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Reminded by @BensonTWN @Arthur_0x, I further explored the data points of @ethena_labs price at 9:18 pm UTC and 9:19 pm UTC on 10 Oct across @binance @okx @Bybit_Official @bitgetglobal . 0.34 -> 0.27 at 9:18 pm 0.27 -> 0.15 at 9:19 pm It looks like mms withdrew the liquidity
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Another compensation plan from @binance @binancezh : Binance will distribute token vouchers between $4 and $6,000, totaling $300 million to eligible users who meet all of the criteria below: Users who incurred forced liquidation losses across Futures and Margin trading from
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Yeah, that’s same to the comment I posted before. Unless all major cex and dex impl the same mechanism(which is not possible), circuit breaker won’t really work here.
@yq_acc If one CEX implements circuit breakers while others don’t then they just risk being stuck with bad debt. Circuit breakers only work if everyone does it with the same rules, but then you have defi, permissionless 24/7 prices and liquidity. Hence, circuit breakers are not a
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More I dug, more "coincidences" I found for the series of liquidation events. For the first liquidation of Altcoins around 5:20am SGT, it's caused by liquidity vacuum with mms' withdrawing liquidity. For the second liquidation of usde/bnsol/wbeth around 5:43am SGT, it's caused by
@yq_acc initially thought “ok another conspiracy theory” but then it started to make sense. interesting one would u say that attackers also caused the initial alt bloodbath that knocked out MMs to take liquidity away from pairs, or was that an unrelated event that they decided to
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Excellent insights @yq_acc! What happened last weekend left me speechless. I was not deterred, though. It proved and reinforced my belief: - go trustless. Say no to any trusted third-party that may screw your assets, especially your Bitcoin. This time it was wbETH, what will it
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Thoughtful read. Worth getting more eyes on this given how complex market structure has become.
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98% collapse in liquidity in minutes. Insane.
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In my last YouTube video I mentioned that the biggest liquidation event in crypto history could have been the result of market makers pulling liquidity from the books but that I didn’t have any data with which to corroborate this idea. Well the data is now here, and it does seem
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I feel mms couldn’t hedge during the turbulence is another big reason that they did pull off the liquidity, if they’re delta neutral. It has a lot of risks to seed liquidity at that time if market was down further. It’s no longer like mm but liquid fund to buy the dip.
@yq_acc Net selling pressure ate nearly all the bid liquidity before the last leg down The question comes down to whether they should’ve re-quoted or not as those books laid empty minutes before the final cascade
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この前の大量清算の真実 なぜ『流動性の真空』が起きたのか ㅤ 10月の大暴落で、仮想通貨市場からたった数時間で約190億ドル（約3兆円）が消えました。 ㅤ その原因は「売りが増えたから」ではなく、市場を支える人たちが一斉に逃げたことだった。 ㅤ 🏦 マーケットメイカーとは？
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This is more than just four quarters. It’s every tailgate, every chant, every moment. It’s fuel that goes beyond the field. This is CELSIUS! LIVE. FIT. GO.
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Circuit breaker may not work properly in crypto market, as it’s permissionless and 24/7, especially there’re tons of perp dex. Unless major cex and dex can work together on circuit breaker mechanism, traders or mms couldn’t hedge if one place has circuirt breaker, but other
@yq_acc Thanks for the analysis. do you think circuit breakers/ minimum quoting obligations are the solutions here?
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Dear friends, thx for long waiting. Let's go with Chapter 4: liquidity vacuum. Today, I turn to perhaps the most critical yet underappreciated aspect: how market makers—the entities supposedly providing market stability—became primary catalysts in creating an unprecedented
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Chapter 4: liquidity vacuum here
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Liquidity vacuum. Chapter 4 here
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