What really went down on October 10th? Think about it from a technical angle. Market makers couldn't tap into the APIs—systems locked up, orders stuck. So here's the thing: someone had to absorb all those liquidations flooding the order books. Where did the buying pressure come from if the regular market participants were blocked?

The most likely scenario? Exchanges themselves stepped in to manage the cascade. Whoever held the liquidity on their books had to absorb that forced deleveraging. They didn't have much choice—let it spiral into a black hole or provide the backstop. That's how market structure works when infrastructure cracks.