BTC Two most interesting charts to me currently - Hyperliquid BTC Perps - Binance BTC Perps BTC Hyperliquid Perps BTC Binance Perps In summary its abundantly clear when the liquidity crunch started to rampantly hit liquidations & margins of likely very large crypto MMs, dramatic measures were taken to backstop the wider market from a perpetual crash but also this was not enough to prevent a widespread inventory loss Between both exchanges & charts it's pretty clear a very large liquidity provider & probably many other MMs, were wiped out yesterday Certain bids which concerns me are the two - 200M bid & 144M bid quoted around 100K on HL ~ unusually large before & after spreads blew out Typically these are final options when it comes to exchange & MM operations around sufficient liquidity All of this tells me either MMs got too comfortable with current conditions & risk or not enough was planned out to backstop a freefalling market Entire industry narrowly escaped disaster once again, as for exchanges plenty to learn from yesterday around needed mitigations for future flash crashes(Skew Δ)