There’s roughly $31 billion worth of Bitcoin options set to expire on Halloween next week. That’s a record-high monthly expiry, beating last month’s $18 billion by a wide margin, despite the record-setting liquidation event that followed the Oct. 10 flash crash when $19 billion in leveraged positions were wiped out. “That event erased roughly $7 billion in BTC options open interest, bringing total open interest down from about $38 billion to near $31 billion, the sharpest weekly contraction since June,” B ...

It doesn’t take a black swan to unravel a protocol. 🦢All it takes is thin liquidity, bad timing, and leveraged exits.We’ve seen it play out before with Terra, CRV, Fraxlend.Our latest blog post deep-dive breaks down:🔹 Why cascading liquidations snowball.🔹 How risk concentration spirals into bad debt.🔹 What most DeFi protocols miss in design. ...