X @Raoul Pal

Utterly brutal crypto markets with relentless, rapid positions unwinding and rumours swirling after 10/10 of impaired market maker balance sheets leading to less liquidity and someone blowing up.It reminds me a lot of 2021 when in a 4 week period Bitcoin fell 56%, ETH -62% and SOL fell -68%. It then sharply reversed and exploded to new highs. That sell off was as baffling as this one.With the macro backdrop still so positive it is hard to think that we won't see something similar here (a sharp recovery) but ...