Overview

• Roughly $19–$20 billion in positions were liquidated in a single day, with about $16.7 billion in longs and up to 1.6 million traders affected, according to CoinGlass.
• Binance acknowledged platform-related issues, shifted some collateral pricing to oracles, and says it has distributed about $283 million in compensation while excluding ordinary market losses.
• Ethena’s USDe briefly printed near $0.65 on Binance but stayed near $1 elsewhere, and Ethena Labs said the stablecoin remained overcollateralized with mint and redeem functions operating throughout.
• Prices have partially recovered as risk sentiment improved, with Bitcoin around $115,000 and Ethereum near $4,100, and several large-cap altcoins posting double-digit gains.
• Post-mortems focus on exchange margining and internal price feeds after localized dislocations—some pairs briefly printed extreme lows—while major DeFi venues reported orderly operations.