The Milk Road Show

Inside the Crypto Collapse: Binance Selling, ETF Exhaustion & OG Profit Taking w/ Delphi Digital

Feb 17, 2026
Guest
Jason (Delphi Digital)
Jason from Delphi Digital, Head of Markets known for on-chain research, breaks down prolonged crypto selling and Binance-driven spot pressure. He unpacks the 10/10 liquidation cascade and whether exchanges triggered the crash. He also explores institutional flows, why tradfi warmed to crypto, and why certain alts like Hyperliquid stand out.
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INSIGHT

Binance-Led Spot Selling Drove Recent Downturn

  • Binance has been the dominant source of price-insensitive spot selling, especially around the New York Open.
  • That persistent selling amplified downward pressure while ETFs and DATs stopped being reliable buyers.
INSIGHT

ETF And DAT Demand Has Eroded Market Support

  • ETF inflows and DAT buying that lifted prices earlier have largely faded, removing major demand pillars.
  • Without those buyers, reflexive upside faded and the market turned into a seller-dominated regime.
ANECDOTE

The 10/10 Liquidation Cascade Still Unresolved

  • Jason recounts the 10/10 liquidation event that wiped out many traders and firms, causing lasting market damage.
  • He notes uncertainty about exact causes and which participants were forcefully removed.
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