Cryptocurrency hedge fund Three Arrows Capital CEO Su Zhu shared his views on the slump in the crypto market on March 12 in the first event of “Crypto Tonight”. He believes that the market price change on March 12 was mainly affected by Perpetual swap contract exchanges like BitMEX are driven by waterfall clearing houses. He added, “Before March 12, market bulls were over-leveraged. Therefore, the first wave of declines was natural deleveraging, futures tended to spot, and the second wave of declines was full surrender. From $ 8,000 Falling to $ 3800 is something most market makers did not expect. The most important thing is that all short sellers such as Deribit and OTC have traded. As the market moves further down, these short sellers scramble for delta hedging. In addition, some miners I also borrowed USDT with BTC as collateral, and these loans must be repaid. All in all, March 12 is a good reminder of the market. To avoid excessive leverage, you must be cautious rather than greedy. “” Crypto Tonight “is The talk show, jointly launched by Winkrypto, Lianwen and Yama, invited six guests to jointly review the “Black Swan Day” that saw the cryptocurrency market plummet on March 12.