Some more expanded Bitcoin thoughts on current market structure, what's the sensible trade to take and so on. Yesterday we saw the worst day since FTX collapsed. Price being down 14.04% puts this as the 5th worst day after FTX, 2021 China ban, Celsius/3AC collapse and Covid. One thing which I guess a lot of people are expecting on a day like yesterday is more capitulation in the perps market, which I personally don't think is really necessary considering how much leverage and open interest got wiped out on 10/10. The slightly more muted reaction (no massive liquidations, funding at baseline) is not that surprising in the current market conditions I guess. Where the blow-off happened though is in options where level of backwardation in term structure and put premium equals the FTX crash levels panic.