Welcome to this week's global tracking👀 The market that appears tradable while the "quality" of liquidity deteriorates. 🤔The latest drawdown looks more like a systematic de-risking event: headline liquidity held up, but longer-term capital stepped back, leaving the market more dependent on short-term speculative flows. 🧐Negative gamma can turn hedging into an accelerant: market-makers' delta hedging tends to sell into falls and buy into rallies, mechanically amplifying realised volatility. 🤔Cross-asset leverage rotation lifts correlations and tail risk: speculative liquidity moves between crypto and metals, weakening diversification when it is needed most and making exitability and volatility the priority. Read more👉https://blofin.com/en/academy/flow-insights/whale-s-tracking-when-liquidity-becomes-volatility(BloFin Research)