**Spread exploded**: From $0.01 to $0.04 (9:10 PM) - **Ask side thinned dramatically**: From 1,600 contracts to 830. Sellers pulled their orders as they reassessed. - **Bid side shifted up**: New bids at $0.57 and $0.58 appeared. The old best bid ($0.55) is no longer the best. - **Midpoint jumped**: