The record October 2025 liquidation cascade ran deeply subcritical (branching ratio about 0.1-0.2) within its venue, and the crash transition is first-order rather than critical.
Mike Marshall
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Measuring the engine of a liquidation cascade: subcritical branching inside a first-order transition
The record October 2025 liquidation cascade ran deeply subcritical (branching ratio about 0.1-0.2) within its venue, and the crash transition is first-order rather than critical.