As of December 14, 2025, it’s been 65 days since October 10th. We get $100-700M of liquidations on the back on no news and extreme choppy conditions since then and this isn’t a coincidence or a nothing burger. These are the ‘bodies’ that we know about from 10/10 so far: ABC, a top hyperliquid MM (handing 25% of its volume) lost over $35M, erasing over 75% of the account. CyantArb was forced to close a ~$100M position, resulting in $18-19M in losses. Selini Capital, a hedge fund with MM ops saw three positions liquidated totalling in $50-70M. It was among the top losses on HL. Wintermute experienced heavy losses due to ADLing from Binance, and total losses are still unknown. Probably around 30% of MM funds in the market was wiped out on this day. The ones listed are the ones I have heard about, but there is 100% some Chinese and other US based MM’s who have experienced losses we don’t even know about on size, and we may never know the full story. MM’s like the ones mentioned above begin to actively withdraw liq to protect themselves, resulting in the thinner books and the PA we are now currently seeing. Binance’s internal or affiliated MMs stopped defending prices leading to a book with no bids or walls, all leading to an easily manipulated book resulting in c.h.o.p. Signs of recovery will be positive bid/ask ratios, narrowing trading spreads will show MMs are back to competing more aggressively alongside increased overall volume will be a good sign MM’s are back to some degree. In general, less choppy conditions. Fewer liquidity hunts, fewer flash crashes, and MMs back to defending key levels again, both sides. You shouldn’t feel forced to trade this market, if you are struggling to trade this chop, take a step back. Most traders I hear struggling in this market is due taking trades due to boredom. The ability to do nothing is a far greater task then people imagine. My advice would be to try and find cool things people are building, CT native people. They are building cool shit, it’s under your nose built by the people in this space. Go give their products a whirl.