Very Important video from Tom Lee Today
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1. On Oct 10, the flash crash destroyed the Balance sheet of the market makers.
2. Because of this reduced liquidity, positions are "Auto De-levered (ADL), which means traders are force-closed because someone else blew up so badly that the insurance fund couldn’t cover the loss.
3. This is a "glitch" in the way leveraged perps work of CEXs. This could take another few weeks to resolve
4. In the interim, even though there is massive cash on the sidelines, it stands waiting
5. Tom Lee thinks the recovery could be even faster than the drift down.
