Chatted with some market maker friends about this issue, and we also touched on a potential risk point this time. It's worth everyone thinking about hedging and liquidity issues. Whether it's the US stock market, A-shares, or the crypto market, cash flow is always insufficient during off-hours. Financial products like USDE can be leveraged, and many people end up getting liquidated in their margin accounts because of this. When low-liquidity assets face concentrated sell-offs, it's hard to replenish in time. During extreme market conditions, various exchanges more or less experience outages (huge delays, massive errors—this is due to insufficient throughput capacity). Leading exchanges might need to put more effort into handling high concurrency. The root cause is actually quite simple—market makers are off work. Whether in Europe, the US, or Asia, market makers have clear working hours. If this had happened during trading hours on a weekday, liquidity might have been restored much earlier. But of all days, today just happens to be Friday. Everything lined up too perfectly.