Overview

• Roughly $19–$20 billion in positions were liquidated in the largest single-day wipeout on record, as Bitcoin slid to about $109,000 and Ethereum to around $3,700 before recovering within 48 hours to near $115,000 and above $4,100.
• Friday’s sell-off followed President Trump’s 100% tariff threat on Chinese imports and related comments, which rattled risk assets before subsequent softening reassurances calmed markets.
• Binance acknowledged platform-specific incidents, including a localized USDe depeg to $0.65 and brief zero-price prints for some tokens, and said it paid $283 million in compensation while introducing pricing safeguards.
• Ethereum outperformed many altcoins during the bounce as futures and options markets normalized quickly, with institutional flows via spot ETFs cited as supporting depth and resilience.
• Volatility and hedging activity remain elevated, with options positioning pointing to choppy weeks ahead even as shorts absorbed fresh losses during the rebound.