Overview

• Data trackers logged roughly $19 billion in liquidations over 24 hours with more than 1.6 million traders affected, including over $7 billion cleared in under an hour.
• Bitcoin sank into the $100,000–$113,000 range and Ether dropped double digits before partial rebounds, leaving markets highly volatile into the weekend.
• Major venues reported disruptions as volatility peaked, with Binance citing heavy activity and assuring users that funds are SAFU while traders reported frozen orders and flash crashes.
• Stress spread to derivatives and synthetic-dollar products, with Ethena’s USDe briefly dipping below its $1 target during the turmoil.
• Market participants are assessing counterparty risk and potential contagion, with some analysts suggesting ultimate losses could exceed $30 billion once slower-reporting venues are counted.