According to the latest report from Caixin: Chinese regulators may be reviewing Jane Street's trading patterns in the Chinese ETF market. Previously, everyone thought: Crypto price = Narrative + Sentiment. Now the real formula is: Crypto price = Liquidity structure + Hedging path + Order flow velocity. The essence of the 10 AM sell-off is using retail investors' time dimension to understand market makers' balance sheets. Pricing power is shifting from the 'storytellers' (project teams) to the 'liquidity providers.' Whoever controls the liquidity structure is closer to pricing power.