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🔥 The script of "Circuit Breaker Night": Why becoming the only island⬇️
Last night, Cerebras (20 times oversubscribed, offering price initially set at $115 with continuous increases, finally settling at $185. The opening price was reported at $350, doubling the offering price, and during the day it once surged to $385, triggering a volatility circuit breaker on Nasdaq.
While retail investors were still waiting for Nasdaq's order matching system to quote at 1 a.m. Eastern Time, the Pre-IPO perpetual contracts on $CBRS had already revealed the answer:
Early lead: Hours before Nasdaq opened, the trading volume of $CBRS contracts had already exceeded $100 million per hour.
Precise pricing: While Goldman Sachs and Morgan Stanley were still debating whether the offering price was $115 or $125, the Pre-IPO perpetual contracts on had already pushed the price steadily past $200, last night Cerebras ( surged from $290 to around $380.
Island effect: When Nasdaq halted trading due to volatility, only was still jumping wildly 24/7.
Circuit Breaker Night: When Nasdaq paused trading, the non-stop trading continued. Many institutions holding stocks in traditional accounts, to hedge against risks during the circuit breaker, used contracts on for hedging.
Liquidity flow: Wherever trading is possible, money goes there. It proves that in extreme market conditions, "continuous operation" is the greatest competitive advantage.