I've seen many conspiracy theories linking the recent crash to Binance. If you're thinking this is related, I suggest you read this article. I wouldn't be surprised if exchanges manipulate prices during extreme market conditions, exhibit abnormal contract liquidity, or even display unreasonable price fluctuations. But this time, BTC falling below $62,000 and experiencing over $2 billion in liquidations across the entire network within 24 hours clearly indicates a change in trading logic. It's not about Trump's midterm election defeat or interest rate hikes. Let's look at the real funding situation: First, US spot BTC ETFs have seen net outflows for several consecutive days, indicating a significant weakening of institutional buying. Second, Coinbase continues to trade at a negative premium, suggesting weak spot demand in the US market. The real concern is why US funds are consistently withdrawing, not focusing on Binance's contract trading to find a conspiracy. Third, the supply of stablecoins continues to shrink; the liquidity pools for USDT and USDC are decreasing. With less and less cash in the market, who will absorb the continuous influx of sell orders? With US stocks, gold, and other risk assets under pressure, and changes in macro liquidity expectations, why should BTC necessarily rise independently? I'm more inclined to believe this market movement was triggered by declining macro risk appetite, institutional fund withdrawal, and insufficient spot buying, ultimately leading to a chain reaction of sell-offs. As for the $2 billion in liquidations, it was more of an amplifier during the decline. I think exchanges should accept supervision and provide evidence when problems arise. But they shouldn't find someone to take the blame just because they lost money. Will blaming the exchange recover your account losses? The worst thing in the crypto market isn't a crash, but rather the refusal to admit your judgment was flawed after a crash, and then continuing to blame the exchange next time. The market won't rebound just because you criticized Binance, and the exchange has no obligation to cover your losses. Instead of constantly analyzing who's dumping the market, it's better to focus on when ETFs, stablecoins, and spot funds will return.