Binance Research Institute analyzes the phenomenon of value transfer in the cryptocurrency market

According to research by the Binance Research Institute, a three-layer nested framework consisting of information waterfall, agency delegation, and information asymmetry can provide a unified explanation for the systematic value transfer in the cryptocurrency market over the past nine years, including events such as the 40 minute sharp rise and fall of $LIBRA and the $12.7 billion collapse of FTX.