So today was wild but was perhaps most wild was the amount of dispersion one the market. LINK/ATOM/XTZ/SXP/LEND/DEFI all not only lagging but outright going the other direction which happens when BTC smashes but why couple reasons.

1. The biggest and most important is people were overweight alts and under weight btc, btc vol was low and boring both implied and realized and all the actions was on flipping alts for some cash people suddenly wanted in and had to exit aforementioned positions to get back

2. Additionally there’s a sudden need for margin everywhere as positions get stretched and under collateralized positions suddenly get shock, btc again is the reserve currency a lot of places so people have to sell and get collateral in.

3. MM needed to source coins for the just constant liquidation fest going on to the upside, if you have to get btc sometimes you need to chuck whatever else you got in inventory for it to make sure you’re not getting short into the steamroller

In short altszn bred complacency in btc and then a mad dash to catch up. Same goes in reverse remember we can yo yo this game forever but skate to where the puck is going folks