Analysis: The sharp drop of "1011" has forced market makers to hold a large number of tokens, causing market liquidity to fall to a low point since 2022 According to CoinDesk, BitMEX stated in its latest report that the impact of the October 11, 2025 crash affected market makers, forcing them to hold large amounts of cryptocurrency. This crash resulted in a chain of approximately $20 billion in liquidation, severely damaging market makers' neutral strategies and causing market liquidity to drop to its lowest level since 2022. BitMEX stated: "When the ADL (Automatic Downsizing) mechanism is triggered, forcing market makers to liquidate short positions used for hedging, these institutions are forced to hold unhedged spot positions in the rapidly declining market. This situation breaks the promise of a 'neutral strategy' for perpetual contracts, causing market makers to withdraw liquidity globally in the fourth quarter of 2025, resulting in the lowest level of order book liquidity since 2022. ” With the influx of a large number of imitators, Delta's neutral "easy returns" that rely on fund rate arbitrage have significantly shrunk, with annualized returns falling below 4%. At the same time, the B-book model platform has captured considerable profits, and the DeFi perpetual contract market is still vulnerable to manipulation, while the traditional finance perpetual contract market has experienced explosive growth.