Feeling the aftermath of 10.11. In the past, apart from black swan events, we rarely saw situations like $MMT contracts having a 60% positive premium on Binance—big players would always step in to balance it out. But now, massive positive premiums are popping up every day. After 10.11, many passive market makers got wiped out, so order books are thin, making it easier for manipulators to pump the market with less resistance. And because the order books are thin, arbitrageurs become more cautious when huge premiums appear. It’s kind of like this: before, when massive premiums showed up, it was like a fire breaking out. Big players would lead the charge to put it out, and everyone was willing to chip in and work together for the glory. Now, with fewer big players, everyone’s scared. If you rush in to put out the fire and no one follows, you’re the one who gets burned.