evgeny: most mms are long spot and short perps; since many mms got ADL'd on shorts at *unusual prices and were exposed losses on spot there was no way to hedge. so they sold their spot inventory and pulled quotes creating a liquidity vacuum until the cascade was over.

The Block Podcasts
@TheBlockPods
10-14
Wintermute CEO breaks down crypto's biggest liquidation event ever
@wintermute_t founder and CEO @EvgenyGaevoy joined @lawmaster and @NamikMuduroglu to analyze how $19B+ got wiped out in ONE DAY🧐
OUTLINE
00:00 Introduction
00:45 What Happened?
04:46 Understanding ADL
From Twitter
Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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