Markets Mechanisms Systematically Exploit Concentrated Crypto Positions Across Trading Cycles

TLDR: Markets naturally identify and test structural weaknesses when price action depends on single participant flows.  Terra/LUNA, FTX, and concentrated institutional positions collapsed through identical mechanical testing processes.  Visible liquidation levels transform dominant buyers into reference points that markets systematically pressure.  Systems requiring continuous capital deployment face inevitable negative spirals once buying pressure diminishes.   [...]

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