Empire Hivemind: Record Liquidations, Auto-Deleveraging, & Biggest Post-Crash Winners & Losers
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Oct 16, 2025 Ceteris Paribus, who leads Delphi's institutional research arm, dives deep into the recent crypto crash. He discusses the chaos of auto-deleveraging and how it varies across exchanges. The team analyzes the surprising depeg of USDe and the implications for stablecoins during market stress. Ceteris also highlights the major winners and losers post-crash, suggesting that some exchanges thrived while others suffered reputationally. Prepare for insights into how new tokens and markets might reshape liquidity moving forward!
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Live Account Liquidation Shock
- Flip described watching his account get liquidated and sitting stunned at his computer as prices vaporized.
- He recalled extreme bid-ask spreads, failed fills, and altcoins flashing 70–90% drops in seconds.
Waking To Cross‑Exchange Dislocation
- Ceteris recounted waking up to messages and seeing huge dislocations between exchanges' prices.
- He noted Sol trading differently on Coinbase versus Binance and the market staying disconnected for hours.
Liquidity, Not Just Price, Collapsed
- The team argued the crash reflected evaporating bids and too much open interest in many altcoins, not just spot moves.
- They highlighted market-structure consolidation: price and liquidity concentration left many tokens without bidders.