1/ Since a lot of people are waking up to see their perps positions closed and wondering what the hell “Auto-Deleveraging” means, here’s a quick and dirty primer.

What is ADL? How does it work? And why does it exist?

The rough outlines of what happened today:

- Trump in the AM starts re-escalating tariff concerns after 5 months of acting normal and allowing the market to get comfortable w the TACO thesis. This is a pretty big deal

- Most people still assume it’s a nothing…

I’ve lived through 2018, 2020, 2022… but this one felt biggest crash ever..

- $1T+ wiped
- $20B liquidated in under an hour
- Exchanges went down
- some stables depegged, chaos everywhere

Here’s what really happened and what I think comes next:🧵👇

I spent 3 years showing up every single day 24/7 I sacrificed everything from friends and family and health literally put swear blood and tears into this and in a matter of seconds everything is gone.
I have nothing to show for my work and and I will never…

My thoughts on yesterday’s crypto crash:

TLDR: We’ll be fine. We always are.

I’ve been in this industry for 9 years now, and I’d say I’ve really seen it all. The COVID crash, the $LUNA meltdown, the FTX collapse, you name it.

But what we witnessed yesterday…

hyperliquid leaderboard sorted by highest 24h LOSS

Lot of crypto folks asking me "What happened?"...

It's probably time to dust off the Taleb book 'Antifragile'.

The amount of Open Interest that has been taken off in one day is unreal. 15B -> 6B on hyperliquid alone, the real total number must be insane!…

Since we’re all taking about how exchanges functioned during yesterday’s nuke, let me tell you how I got liquidated on Binance.

I was running a pair trade, one long and one short position. As the prices started nuking, my margin got low and instead of partially…

Post Mortem - in totality across perps - i got liquidated for a good 8 figs. My biggest mistake was in not being paranoid enough.

So, here you are too.
In the end, you stayed. Somehow, you failed.

You made mistakes, this was supposed to be your last cycle, your final round, but here you are.
That friend of yours, the one who wouldn’t stop spamming “Solana shitters at 12k” , he doesn’t…