X @Raoul Pal

When I distill down October 10th, I get to this...Binance broke ( the worlds largest exchange). The API's shut down for market makers. Everyone got liquidated. Most market makers were not able to backstop liquidity. It spread across exchanges.Those exchanges that have their own market makers or the ability to backstop prices probably absorbed a huge amount of liquidation in small caps and majors. Someone had to step in.The equity Flash Crash in 2010 was similar.That inventory, much like on a large market ma ...