Looking at the tape over the past two days, it appears that aggressive spot selling drove the market down, but the root cause is actually a Short Gamma Crash.Max Pain is at $82k, a level that is now completely out of reach. Market Makers are being forced to sell spot—and even buy large amounts of far OTM calls—to reduce their delta. However, due to insufficient liquidity, this has triggered a vicious cycle. This time, quite a few major market makers have been slaughtered again. BTC ETH(Dr.Hash“Wesley”)