Wouldn’t be surprised to see BTC pump to $96k within 5 days.Dec 26 is the largest BTC options expiry: $93.8B on Deribit alone.And most open interest are around ~$96k.At that level, the most options expire worthless.Option sellers, mainly market makers and large desks, benefit there.As expiry approaches, their hedging and positioning can pull price toward that level.Pls do some crime here 🤞 ...

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 ...

monad's market makers hold 160m mon tokens with zero lockup. team and vcs locked for a year but mms can dump today. that's why mon trades at $250m market cap after raising $431m. you're not buying dips, you're providing exit liquidity for entities whose entire business model is converting those 160m tokens to usd. ...

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]

Crypto Market Analysis - Crypto market has been struggling since October 10th due to a negative shock, resembling the stock market's situation on the same date [2][3] - Market makers in crypto, acting as a central bank, were crippled by a significant liquidation on October 10th, impacting liquidity [3][4] - The recent decline in crypto prices reflects this market maker impairment, with a recovery potentially taking 8 weeks, similar to the situation in 2022 [4][5] - Bitcoin and Ethereum are seen as leading indicators for equities due to the unwind and weakened liquidity [6] Liquidation Event Details - On October 6th or 7th, Bitcoin reached $125,000, later dropping to around $120,000, and is now at approximately $86,000 [7] - An automatic liquidation feature (ADL) was triggered on a specific exchange when a stable coin's price deviated from $1 to $0.65 due to liquidity issues [8] - This ADL resulted in the liquidation of almost 2 million crypto accounts, even those that were previously profitable [9] - The error was essentially a code bug, as the pricing for the stable coin should have been pulled from across exchanges rather than relying on internal quotes [10] Regulatory and Risk Perspective - The ADL code and the way prices are pulled will likely be revised to prevent recurrence [13] - Investors should avoid excessive leverage in crypto due to the inherent risks associated with DeFi and potential code errors [14]

monad gave 140m tokens to market makers on 30-day loans. only wintermute locked for a year. december 24 when cyantarb galaxy gsr and auros can dump creates the obvious entry. ico buyers at $0.025 celebrating their 2x at launch become exit liquidity for the mm unlock a month later ...

Market Manipulation - Crypto market is potentially experiencing price manipulation by centralized exchanges (CEXs) and market makers [1]

Market Dynamics - Market makers were implementing their own liquidity strategies [1] - Operations are expected to return to normal [1]

Market Dynamics - Wintermute and other market makers stopped trading during Bitcoin crash [1] - $19 billion liquidation occurred during the Bitcoin crash [1]

Market Volatility - Market makers withdrew, indicating significant instability [1] - Spreads widened to 22%, reflecting widespread panic in order books [1]