1011 was a lame duck, but a black swan event emerged. The market has no structural risks or explosives, and mainstream currencies can only be regarded as a mild correction. There is a large divergence in liquidity: Wall Street has taken over the mainstream currency, and only wild dealers/MM are left to survive in the Altcoin market. Interestingly, for the first time, DeFi has dominated the liquidation volume, and the pricing power of liquidity is increasingly tilted towards DeFi.