In its latest report, cryptocurrency exchange BitMEX pointed out that the "1011" crash impacted market makers, forcing them to hold large amounts of cryptocurrency. This crash resulted in approximately $20 billion in cascading liquidations, severely damaging market makers' neutral strategies and causing market liquidity to drop to its lowest level since 2022. BitMEX stated, "When the ADL (automatic deleveraging) mechanism was triggered, forcibly closing short positions used by market makers for hedging, these institutions were forced to hold unhedged spot positions during the rapid market decline. This situation broke the promise of the perpetual contract 'neutral strategy,' leading market makers to withdraw liquidity globally in the fourth quarter of 2025, thus reducing order book liquidity to its lowest level since 2022." With a large influx of imitators, the Delta-neutral "easy profits" relying on funding rate arbitrage have shrunk significantly, with annualized returns falling below 4%. Meanwhile, B-book platforms have reaped substantial profits, the DeFi perpetual contract market remains susceptible to manipulation, while the traditional financial perpetual contract market has experienced explosive growth. (CoinDesk)