Overview

• Bitcoin trades near $115,000 and Ethereum around $4,100–$4,250 after a sharp weekend recovery, with BNB briefly notching a new all‑time high.
• Roughly $19–$20 billion in leveraged positions were liquidated in a single day on Friday, the largest one‑day wipeout on record, as Bitcoin briefly fell near $105,000 and Ether into the mid‑$3,000s.
• The selloff followed President Trump’s 100% tariff threat on Chinese imports, then eased as his tone softened and Beijing clarified rare‑earth export rules, helping risk assets stabilize.
• Exchange stress compounded the cascade: USDe depegged on Binance before rebounding, auto‑deleveraging events hit traders, and Binance said it will compensate users by $283 million and update safety measures.
• Derivatives markets show elevated volatility and heavy put buying in Bitcoin and Ether options for near‑term expiries, even as spot Bitcoin and Ethereum ETFs continue to attract net inflows.