Friends, I wrote about the consequences of the market breaking and Binance's responsability several times right after 10/10. Binance was clearly responsible, and correlation with equities broke right then. After 10/10 my outlook was "replay of the May/2021 playbook, taking the market two months to recover". Look at what happened after the crash of May 19 2021: a very volatile two months long range with downwards skew, including a 30% drop in seven days. Yes, this time the market went deeper from the initial Low, so one could argue the playbook has been invalidated, but jog your memory back to June and July 2021, and you'll remember that it also felt like Death. Enjoy your weekend, and hope to see some of you in Buenos Aires this week for Devcon.(Alex Krüger)