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1) Ok, so something which I think is relevant: 1) Over the last week, ~$20B of longs have been liq'd 2) Right now, OI ~ $20B

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SBF

@SBF_FTX

May 23, 2021

2) So that means.... I think (?) that means we have to be nearing the end of the futures liquidations. A lot of the remaining OI is very unlikely to be liq'd. But, there are other types of liquidations.

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SBF

@SBF_FTX

3) Spot margin trading, for instance. FTX has ~$1b of OI on ftx.com/spot-margin/le, but that number has been more stable. Bitfinex has another ~$2B. So there could be *some* more liqs, but not a ton.

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FTX

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3:14 PM · May 23, 2021Twitter Web App

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4) Then, there are OTC loans. Are those getting called? I'd guess not: things are still up a lot this year, so probably most people are in the green still! And OTC borrow/lending tends to happen on longer timescales.

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SBF

@SBF_FTX

May 23, 2021

5) Finally, the Huobi/OK rumors. I don't know what will happen exactly; but together they have ~$3B of relevant OI that might have to close, plus a bunch of possible selling of some specific coins, but probably not a ton in the majors.

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SBF

@SBF_FTX

May 23, 2021

6) Now, this doesn't necessarily answer what will happen to prices: people can always sell and buy. But I think there isn't a ton of *forced* selling left; there could be a bit, but not as much as we've seen so far.