آثار الانهيار المفاجئ في 1011: خسارة 20 مليار دولار من السيولة تؤدي إلى تدمير كبير لمزودي السيولة، وتراجع السيولة إلى أدنى مستوى خلال ثلاث سنوات

【Block Rhythm】The sharp decline that occurred on January 8th continues to spread its ripple effects. A depth report from a trading platform indicates that this downtrend directly impacted market makers—they were forced to accumulate large unhedged spot positions, with chain reactions leading to approximately $20 billion in liquidation waves, and market liquidity subsequently dropped to its lowest level since 2022.

What exactly happened? It turns out the ADL (Automatic Deleveraging) mechanism was triggered during the rapid decline. The logic of this mechanism is to forcibly close the short positions that market makers use for hedging. It sounds fine in theory, but the key issue is—when the market sharp drops, these institutions suddenly lost their hedging tools and were forced to hold unhedged spot positions. This directly contradicts the “neutral strategy” promise that perpetual contracts once made, forcing market makers to massively withdraw liquidity in Q4 2025.

The result is that order book thickness has dropped back to 2022 levels. Meanwhile, those Delta-neutral strategies that rely on funding rate arbitrage were caught off guard—large waves of followers poured in, “easy profits” completely shriveled up, and annualized returns now can’t even break 4%.

Interestingly, the market showed clear differentiation: B-book model platforms actually profitable handsomely, DeFi perpetual contract markets remain easily manipulated, while traditional finance perpetual contract markets are experiencing explosive growth.