The flash crash in the cryptocurrency market on October 11, 2025, was due to the excessive leverage during the upward trend, which coincided with macroeconomic bad news. The open interest contracts of Bitcoin derivatives have exceeded $100 billion, and many people are playing with high leverage. The market is already tight. Once the news came out, as soon as the price dropped, the chain liquidation immediately began, and within a few hours, billions of dollars worth of positions exploded Even worse, liquidity disappeared at the same time. Kaiko's data is very intuitive. Apart from top platforms such as Binance, Cryptocom, and Kraken, many exchanges have almost no one accepting orders within a range of 4%. At this time, even if it is not a very large sell order, the price can be directly dropped. At the same time, the Ethereum network also began to experience congestion, with gas fees skyrocketing from single digits to over 100 gwei. Cross platform money transfer and arbitrage became slow, and the market experienced a vacuum of wanting to sell but unable to sell, and wanting to hedge in time Throughout the entire process, Binance's matching, risk control, and clearing systems were operating normally. However, between 05:18 and 05:51 (UTC+8), the transfer of funds between accounts did indeed slow down, and some users were affected. After the incident, they were fully compensated, and the total compensation amount exceeded 328 million US dollars. From the perspective of timing and data, this flash crash was mainly caused by systematic deleveraging and liquidity depletion, and was not solely created by a single platform Just like today's 40% drop in silver, you can't say it's because Binance has been smashed again. Binance is just a matchmaker on the trading platform and doesn't intervene in the trend of the coin price. Even assets like gold and silver should rise and fall when they go online. The platform itself has no ability or obligation to support the price