$19B vanished in hours on Oct 10th 🪄 Even top market makers like @wintermute_t paused trading during Bitcoin’s flash crash. Greg Magadini from @Amberdata explains why 👇 “If you’re a market maker and you can’t trust the integrity of your hedges, the only thing you can do is pull out.” Without reliable hedges, liquidity disappears. Auto-deleveraging forced exchanges to close winning positions when counterparties lost it all, turning risk management into chaos. Fragmented markets, uncertain hedges, and vanishing liquidity are all symptoms of crypto’s growing pains. Full story via @DecryptMedia by @Ryan_S_Gladwin & edited by @ahaywa: