One day, what happened on 10/10 on Binance will be revealed to the public. Until then, it is natural that traders will seek venues that dont mark down "stable collateral" and worse of all, system shutdowns that prevent the transferring of spot to futures accounts.
People the exchange complex cannot hold open leverage longs they have to be swept (called a bear market) - there are no consequences to wash trading - leverage longs would bankrupt exchanges when crypto reprices - this is how it works. High leverage longs will be capitulated. 10/10 was an example of Binance Oracle manipulation and they can easily lower valuations using their centralized systems.
The asset the exchanges pricing represents has never been stronger. The exchanges are not selling the asset, they sell a derivative of the asset and have full control over its pricing.
This will change but not until regulated and several layers of jurisdictional enforcement take place.
I’ll continue to narrate this as we slowly see the artificial volatility wane as markets become regulated and policing begins across the globe.
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