THIS IS CRAZY $5.58 billion liquidated in 5 days. Think about that for a second. $5.58 billion. And people still think this market is driven by fundamentals. Most of the move wasn’t spot buying. Most of the move wasn’t spot selling. It was leverage. People borrowing money, taking oversized positions, and then getting wiped out when the market moved against them. This is why I spend so much time looking at liquidity. Because eventually the market goes and collects it. And when it does, nobody cares about your narrative. Nobody cares about your prediction. The only thing that matters is where the leverage is sitting. This week was another reminder of that.
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