According to @nic__carter, crypto market makers are pulling back, downside wicks are larger than 2020, exchanges are showing price dislocations, appchains are experiencing outages, and markets are hyper-illiquid, signaling fragile liquidity and structural stress across venues, source: Nic Carter on X, Oct 10, 2025, https://twitter.com/nic__carter/status/1976790173511041195. For traders, these conditions imply wider spreads, higher slippage, elevated liquidation risk, and the need to reduce leverage, slice orders, and monitor venue and appchain status in real time, source: Nic Carter on X, Oct 10, 2025, https://twitter.com/nic__carter/status/1976790173511041195.