This wave once again proves that pricing power based on OrderBook is just too opaque, too fragile, and way too easy to manipulate. Even with Binance holding $300B in TVL, when risks hit, assets with tens of billions in market cap can see their prices crash by -90% in just a few minutes with trading volumes of only a few hundred thousand. What happened in between? Did market makers get liquidated, or did they act maliciously? We have no way of knowing. All that’s left are countless whales and retail investors waking up confused, or wiped out overnight. Nothing much to say—when the entire industry is chasing pure Ponzi schemes and no new external liquidity is coming in, extreme internal bloodbaths are inevitable. All in Onchain. Only when the pricing power of the majority of assets is driven by on-chain liquidity can blockchain truly be called Finance 2.0. Stay alive, friends. Wait for the next great era. #Binance #Crypto #Blockchain #Bitcoin