Wish we didn't have perps on crash days like this.

We used to buy dips with spot that directly slowed the bleed.

now degens trade the dip with 10-50x leverage that doesn't directly stop the decline*

Worse, if spot buyers don't come but sellers keep dumping, those leveraged longs end up in cascading liquidations putting pressure on price.

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*AFAIK aggressive perp longs could lead to spot hedging. But would love to learn more how perp buying affects spot price.

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