What I'm surprised about today re: BTC liqs is how comparatively small they were. Guessing side effect of the continuous slow bleed we saw earlier as opposed to dramatic impulse down after initial war catalyst headline yday.

@ThisIsNuse @glu3sniffer plz eli5

oi down + vol up + liqs down == ppl rapidly repositioning ? bulk of orders from MM's & tradfi ? mysterious 3rd thing ?