Top market makers are blowing up, it's been two months,

why is there still no conclusion?

On one hand, the market makers are still trying to recover by continuously dumping, buying time for themselves;

on the other hand, they are still negotiating with the exchanges: how to fill the holes, how to compensate, all are chips on the negotiation table.

Life is hanging by a thread, publicly acknowledging it is equivalent to suicide.

Time buys space,

so don't ask, if you do, the answer is denial.

1011 Victims of the tragedy: liquidity crisis leading to ADL liquidation, market makers suffering huge losses

October 11, 2025, is the day with the largest liquidation amount in cryptocurrency history, with total liquidations that day potentially reaching 20-30 billion USD. Wu interviewed the CEO of the quantitative trading team ZeroDivision, Zhen Guo, discussing the details during the market crash on October 11, 2025. On that day, altcoins sometimes experienced daily declines of 50% or more, with some coins even going to zero. Many market makers and trading teams had their margins breached, leading to forced liquidations, causing a chain reaction in the market that was completely out of control. Some proactive market makers lost over 50% or even went bankrupt.