According to @ThinkingUSD on Twitter, a significant portion of revenue for crypto trading desks comes from liquidations, similar to the High Leverage Program (HLP). Many major exchanges now have specialized liquidation programs where market makers (MMs) take the opposite side of liquidated trades. However, exchanges themselves continue to profit substantially from handling liquidation flow directly. For traders, understanding the structure of these liquidation programs is crucial, as it affects liquidity, volatility, and overall trading risk. These mechanisms directly impact crypto market dynamics and should be factored into trading strategies (Source: @ThinkingUSD, May 30, 2025).