感受到10.11的后劲了。以前除了黑天鹅，应该是没有在币安出现mmt这种合约正溢价60%的情况，一定有大资金给你搬平。现在每天都有各种超大正溢价。10.11以后，因为被动做市商被干死了很多，所以订单稀薄，操纵者好拉盘，阻力小。又因为订单稀薄，所以套利者在出现超大溢价的时候，就会更加谨慎。这就像什么呢，以前超大溢价出现的时候，就像着火了，有大哥带队上去灭火，大家都愿意出钱出力，一起争功。现在大哥少了，那所有人都会怕，万一自己冲上去灭火，没人跟着，自己就是被烧死的那个。 ...

Core Viewpoint - Binance's founder CZ commented on the recent strong performance of BNB, noting that many projects have market makers while BNB does not [1] Group 1 - CZ stated that he is unaware of any related entities buying or selling BNB in the past few days or weeks [1] - He emphasized that BNB has builders and a community, and possesses deflationary attributes [1]

Group 1: Core Insights - The acquisition of Morgan Stanley's U.S. equity options electronic market-making business by Citadel Securities signifies a shift in Wall Street's landscape, highlighting the dominance of high-frequency trading (HFT) firms in the U.S. equity derivatives ecosystem [3][4] - This transaction allows Citadel Securities to control approximately 40% of the professional market-making coverage and over 35% of retail options flow, marking a historic concentration in the market [5][4] - The rise of HFT firms is attributed to their technological advantages and speed, with Citadel's proprietary network enabling microsecond-level processing of market data, which translates into significant profit margins [5][6] Group 2: Market Dynamics - Market makers, such as Citadel, act as the "invisible engine" of financial markets, providing liquidity by continuously quoting buy and sell prices, thus ensuring smooth market operations [6][7] - The operational mechanisms of market makers can significantly influence asset prices, especially during periods of "Gamma squeeze," where their hedging activities can lead to explosive market movements [7][8] - Traditional banks are retreating from electronic market-making due to increased regulatory pressures and the high costs associated with technological investments, creating a vacuum in the market that HFT firms are filling [9][10] Group 3: Opportunities in Crypto Assets - The exit of traditional banks from the derivatives market presents new opportunities for the crypto asset market, particularly in the options sector, which is poised to become a core battleground for risk management and leveraged investments [10][11] - The contrasting development stages of crypto markets compared to traditional finance suggest a potential for innovation and optimization in on-chain trading infrastructures [11][12] - The call for a new "fair liquidity" paradigm in crypto markets emphasizes the need for transparency and user trust, aiming to avoid the pitfalls of traditional finance's opaque liquidity models [12][13] Group 4: Future Market Structure - The acquisition by Citadel Securities indicates a future market structure dominated by a few HFT giants, with derivatives, especially options, becoming central to risk management and leveraged investments [13][14] - The low correlation of crypto assets with traditional asset classes presents a unique opportunity for diversification and enhanced portfolio performance [13][15] - The evolving regulatory landscape and the emergence of decentralized finance (DeFi) tools are expected to create a more inclusive and innovative environment for market participants [14][15]

Market Manipulation Analysis - The cryptocurrency market experienced a significant crash, with OM's price plummeting 80% within an hour, suggesting more than just a project team exit scam [1] - The industry suspects potential market manipulation by exchange market makers, involving the withdrawal of substantial spot buy orders and large-scale sell-offs [1] - Contract market activities indicate possible pre-emptive short selling to capitalize on the orchestrated price drop [1] - Previous incidents involving ACT, MASK, and other altcoins share similarities with the OM crash, pointing towards potential malicious actions by exchanges or their market makers [1] Exchange Accountability - The industry believes exchanges possess the data necessary to identify the perpetrators behind the market manipulation [1] - There is anticipation for Binance or other major exchanges to provide clear feedback and address the situation [1]