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BlockFi sent out $BTC to some clients instead of stables.
Recipients took newfound coin to Mex, slid the leverage slider to the right, aped into some degen longs, convexity took care of the rest.
Result: The overhang from the mex liquidation engine. 100% true story.
Anytime someone explicitly mentions "100% true story", 60% of the time, it's not
100% true story
60% of the time it’s true 100% of the time.
Not true, but still huge.
100% true tweet
It's like doing TA on the truth
36% of statistics are made up
What if it's a leap year
ser, probability theory might suggest a number much lower than 60%...
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