X @Wu Blockchain

Market Liquidity - Crypto market has been "limping" since October 10 due to large liquidations [1] - Market makers' balance sheets were severely damaged, weakening liquidity [1] - Market makers function as the "central banks" of the crypto ecosystem [1] - Shrinking market maker balance sheets trigger a multi-week deleveraging cycle [1] - Bitcoin and Ethereum react to risk earlier than equities under fragile liquidity conditions, becoming leading indicators [1]