Why is the liquidation volume on 10/11 dozens of times higher than previous black swan events? The changes in market structure have had a huge impact here. In this cycle, crypto assets have become the perfect hedge against U.S. stocks. Especially with the rise of DAT and ETFs, they’ve become the connectors of liquidity between crypto and Wall Street, making this correlation even more obvious. During the long weekend, the only way Wall Street could hedge price risks for DAT, ETFs, and tech stocks was through crypto. If not you, then who?