According to the latest report from Caixin:

Chinese regulators may have already started reviewing Jane Street's behavior patterns in the ETF market in China.

Previously, people thought:

Coin price = Narrative + Emotion.

Now the real formula is:

Coin price = Liquidity Structure + Hedging Path + Order Flow Velocity.

A ten o'clock crash is essentially using the retail investor's time frame to understand the market maker's balance sheet.

Pricing power is shifting from the "storytellers" (project parties) to the "liquidity providers."

Whoever controls the liquidity structure is closer to pricing power?

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