1011 really turned into a lame duck with the momentum of a black swan The market doesn't have structural risks or blowups, mainstream coins are just seeing a mild pullback Liquidity is splitting dramatically: mainstream coins are being taken over by Wall Street, while altcoins are left with rogue whales/MMs barely keeping them alive What's interesting is that for the first time, DeFi is leading in liquidation volume, and liquidity pricing power is increasingly shifting towards DeFi