HF are over leveraged ... this over leverage was granted to them via COVID loans & rules...once those rules expired in March 2021 the market had/has to pump itself artificially to maintain the leverage ratio that is now mandated by the Fed. Why did the NASDAQ swing 5% today? Because whales are f@cked big time...if the NASDAQ closed down 4% today margin calls would have occurred at 10 times greater than 2008. Today was a warning shot IMO.