In this episode of “The Breakdown,” NLW looks at the market structure dimension of the crypto crash, leveraging insights from Alameda Research, Willy Woo and many more. He explores:

Why the recent bull run was driven by derivatives more than by spot trading
How crypto moving onto exchanges signaled the big move down
How cascading liquidations made the down moves even more extreme
What the industry thinks about 100x leverage
Insider reports on how institutional investors responded

CoinStack newsletter referenced in the show: https://coinstack.substack.com/

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The Real Story of the Crypto Crash Isn't about Elon or China