◇ REPLAY · Nov 4–12, 2022
The FTX Depeg Weekend
As FTX unraveled over a November weekend, BTC perp markets fractured: index feeds diverged across venues, funding swung wildly, and the gap between mark price and last trade became the number that decided who got liquidated.
◆ ◇ THE FTX DEPEG WEEKEND · REPLAYBinance BTCUSDT archived daily OHLC + USDT-M funding
◇ accent dots mark daily wick lows (e.g. May 19 ~$30k)
STEP 1/7
A quiet ~$21k range — then rumors
BTC trades in a tight band near $21k while Alameda/FTX concerns circulate off-exchange. Perp funding is muted — no obvious positioning stress yet on major venues. The danger was not in the candle — it was in headlines about FTX solvency that had not hit price yet.