Why was the volume of margin calls on October 11th dozens of times greater than in previous black swan events? The shift in market structure here has a significant impact. During this cycle, crypto assets have become the perfect hedge against US stocks. This correlation is particularly evident with the rise of DATs and ETFs, which have become the connector between crypto and Wall Street liquidity. Over the long weekend, the only hedge Wall Street could offer against the price risks of DATs, ETFs, and tech stocks was crypto. If not you, who else?