$10 billion of the $20 billion that was liquidated last Friday was on Hyperliquid. These perpetual futures instruments on Defi sites seem to be having an effect on crypto prices. If I'm running Blackrock, I want total control of crypto prices, and total insight into everyone's crypto trades. Defi traders exist outside of the KYC financial system. Therefore it makes sense for Wall Street to shake out these Defi traders with huge moves. All price charts on Friday have giant dips which look artificial. It appears the order books were exhausted by massive volume, likely trading bots. Is there in fact a rivalry between Defi and Wall Street?
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