My thoughts on the past 24 hours… If you had no leverage or a 35% LTV loan on bitcoin you’re totally fine after yesterday. Or you will be. If you were operating with leverage on altcoins you probably got wiped out and I’m sorry. Some of you are looking for a scapegoat for yesterday’s massive drawdown. Perhaps you simply need to look in the mirror. It was crystal clear that the only topic of interest to the masses in Singapore this year was PERP DEXs offering massive leverage. And use that leverage everyone clearly has. So when the liquidations start we get what we deserve. It’s possible several funds, MMs, or even a couple of exchanges died yesterday. But I’m guessing in 90 days we’ll be at all time highs in a crazy “L1 driven alt season.” After FTX, BlockFi, Celsius, Voyager, Genesis, Luna tattoos, Babel and Three Arrows we changed our model at Abra and doubled down on Bitcoin, L1s, and DeFi. Our DeFi based lending system and yield products worked flawlessly yesterday. No client liquidations took place. Bitcoin is the future of money DeFi is the future of investing and banking Perps are the future of gambling Decide which bucket you’re operating in and act accordingly