I'm now completely convinced that this entire drawdown - which may have been started by API problems on Binance, but if it hadn't have been that it would have been something else - is all about liquid...
There was an episode with Preston about 2 years ago where someone from Cantor was on they were basically asked if you understand Bitcoin, why lend people money against Bitcoin when you could be buying Bitcoin with that money. And they essentially said if you get Bitcoin from liquidation events you pretty well promised cheap Sats. They're model is BUILT on get Bitcoin from people over leveraging.
🤙2🎉1