Overview

• Bitcoin hovered near $115,000 and Ethereum climbed above $4,100 as majors led a measured recovery, though options data show traders still pricing elevated volatility.
• CoinGlass tallied nearly $20 billion in liquidations on Friday, including about $16.7 billion in longs, after President Trump’s tariff posts on China triggered a thin‑liquidity cascade.
• Binance acknowledged platform issues, said it has paid roughly $280–$283 million to affected users, and is shifting collateral marking to oracle-based pricing after brief misprints and auto‑deleveraging events.
• Ethena’s USDe slid to about $0.65 on Binance yet stayed near $1 on other venues, with Ethena Labs stating the stablecoin remained overcollateralized and mint/redeem functioned without downtime.
• Analysts are split between a macro shock explanation and allegations of an exploit targeting exchange pricing, as one high‑profile trader reportedly profited about $160 million from pre‑crash shorts and re‑entered bearish bets.