Crypto's liquidity issue: As seen countless times this year, Friday night and Sunday night often come with LARGE crypto moves. Just now, we saw Bitcoin fall -$4,000 in a matter of minutes without ANY news at all. Why? Liquidity is thin. Then, add this to the fact that leverage in markets is at record highs right now. As a result, the sudden rush of selling volume leads to a domino-effect selloff, which is only amplified by the historic amounts of levered positions being liquidated. This crypto "bear market" is still structural in nature. We do NOT view this a fundamental decline.(The Kobeissi Letter)