Miao Shen

Yeah, exactly.

I think what we're seeing today in the crypto market is that it's still recovering from what happened in October, where we saw this large liquidation event happen in the crypto.

If you look at like both institutional and retail investors, we haven't seen any large firms coming out saying they had any blow up and stuff like that.

But it does feel like some trading shops, smaller ones might have some issues.

You can see that from the open interest of perpetual futures market in crypto.

The open interest hasn't really recovered since the market crash in October.

That tells me something about some trading shops may have had issues.

I mean, remind us what happened.

I think we saw the number, obviously, as one of the larger liquidation numbers ever in history.

I think there are a couple of reasons played into that.

Obviously, retails are looking more leveraging the space.

That's why we're seeing more sort of liquidations events.

The other thing I think, previously, most of futures tradings are happening on centralized exchanges like Binance and Coinbase, right?

So we can't really tell.

Sometimes these numbers are more like murky.

You don't know exactly what happens when large liquidation events happen.

But today, a lot of these trading happens on chain, on the blockchain directly.

So there's more transparency.

So the numbers tend to look much bigger than previous cycles.

I think for sure from AutoCoin's perspective, because you can see that from the prices action, right?