It wasn’t narrative but market structure that drove yesterday’s big move down. This episode is sponsored by Nexo.io.In this episode of “The Breakdown,” NLW looks at the market structure dimension of the crypto crash, leveraging insights from Alameda Research, Willy Woo and many more. He explores: Why the recent bull run was driven by derivatives more than by spot tradingHow crypto moving onto exchanges signaled the big move downHow cascading liquidations made the down moves even more extreme What the industry thinks about 100x leverageInsider reports on how institutional investors responded -Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-Join thousands of newsmakers and influencers talking the future of money at Consensus 2021, a live virtual experience from CoinDesk. (Use discount code "BREAKDOWN" to save $25!) -Image credit: Andrey Suslov/iStock/Getty Images PlusSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.