When market mechanics become the story.
Reconstruct important dislocations through timelines, primary sources, and the mechanisms that turned pressure into forced flow.
Liquidation cascade replay
Two-sided liquidity absorbs ordinary market orders.
The 2010 Flash Crash
How a large automated futures sale met thinning liquidity and transmitted stress across linked equity markets.
March 2020: the dash for cash
Why even deep markets became strained when investors raised cash and leveraged positions faced margin pressure.
The May 2021 crypto liquidation wave
How falling collateral values, leverage, and automated closures reinforced a rapid crypto market selloff.
When WTI crude oil traded below zero
How collapsing demand, scarce storage, contract expiry, and thinning liquidity pushed a major oil futures contract below zero.
The Archegos forced unwind
How concentrated synthetic exposure, leverage, and fragmented counterparty visibility produced a disorderly liquidation.
The Terra and UST collapse
How a confidence-dependent conversion mechanism turned a stablecoin depeg into a reflexive collapse.
The March 2023 USDC depeg
How uncertainty around bank-held reserves moved a fiat-backed stablecoin and transmitted stress through onchain collateral.
The 2015 Swiss franc shock
How the removal of a central-bank exchange-rate floor produced a discontinuous repricing and losses beyond ordinary stop assumptions.
The 2022 LME nickel disruption
How concentrated short exposure, geopolitical stress, margin pressure, and fragmented visibility contributed to a disorderly nickel market.
The collapse of FTX
How commingled customer assets, affiliated-party exposure, illiquid collateral, and a withdrawal run became an exchange failure.