Short excerpt from a YouTube lecture by Kosta Ouzas about market structure and deleveraging. The speaker describes how institutional consolidation changed market behavior: earlier runs produced sharp, distinct price moves (a "Bull thrust"), whereas the recent move is slower and more conjoined—two "twin pools" joined together—using a conjoined-twins metaphor to explain overlapping liquidity or market pools.
You had so much institutional consolidation. It allowed this thing to keep growing and growing and growing where before the institutions got in. In the last run, Bull thrust, it violently went up. It didn't keep doing this building and building and building. It had a very nice distinct shape to it because it displaced fast. Yeah. This time it moves so slowly that it kind of is like conjoined twins. Right. They're joined at the hip right here, but it's two separate twins. It's twin pools that got conjoined here.
