Market makers enjoy all the privileges of liquidity provision without any of the responsibilities.

Last week's flash crash marked the most dramatic liquidity drain in the crypto market in nearly two years. The BTC price briefly approached $100,000, and global margin calls totaled approximately $19.1 billion over a 24-hour period, with leveraged positions across the market systematically liquidated. Despite significant short-term volatility, on-chain capital flows and institutional holdings suggest a market bottom may have been reached, and the release of risk is building momentum for the next wave of gains.

From a 14% premium to a 31% discount, see how Kerrisdale exposes the "lie" of premium private placement.

USDe's market value fell below $12.7 billion, having decreased by more than $2 billion this week; Polymarket: The market is betting that the US government shutdown will continue beyond October 15, with the probability rising to 95%.

The MSX Research Institute believes that the upgrade strategy of incorporating RWA assets such as gold tokens and US stock tokens provides a clear evolutionary direction for USDe - this is not a negation of existing innovations, but a deepening and improvement guided by Hayek's ideas.

The bayonet fight among the whales and the depletion of liquidity triggered a domino effect of chain liquidations.

WBETH for $400, BNSOL for $30... Why didn't I think of placing an order before going to bed last night?

The short-selling journey started 3 days in advance, and even crypto whales have different levels.

The three major mainstream cryptocurrencies fell by 16-32%, many altcoins were heading towards zero, stablecoins were decoupled... The sleeping contract traders woke up to find the sky had fallen.

Entering October, the crypto market rebounded strongly, driven by macro easing and risk abatement. Bitcoin approached new highs, and Ethereum broke through $4,900. The market is currently experiencing a volatile upward trend, and investors can achieve both offensive and defensive returns through structured products.

If the bull run continues, Ethereum could reach over $8,000.

In October, global markets will closely monitor US CPI and the Federal Reserve meeting, which will determine liquidity trends. Bitcoin is fluctuating at high levels, with strong ETF inflows. However, caution should be exercised regarding the short-term volatility risks associated with token unlocking for multiple projects. It is recommended to manage positions and approach "Uptober" with caution.

Grayscale's Ethereum spot ETF pledged 857,600 ETH, approximately US$3.88 billion; Bit Digital increased its holdings by 31,057 ETH, and its current holdings rose to 150,244 ETH.

After dipping to $108,000 the previous week due to month-end/quarter-end liquidation, BTC prices have rebounded sharply this week, reaching new highs. Technically, the anticipated extended sideways correction appears to be underway.

The rebound is just an appearance. The three variables of capital flow, sentiment and policy disturbance will determine when the next round of direction will return.

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